Exclusive | Hong Kong races past New York to return as top IPO market for first time in four years
With listings from 71 firms raising more than US$30 billion so far this year, city is well on its way to reclaiming the crown it last held in 2011
Hong Kong Exchanges and Clearing is on track to beat New York Stock Exchange to return as the top initial public offering (IPO) market this year, for the first time since 2011.
In the first 11 months of the year, Hong Kong had a 15.7 per cent market share of IPO funds worldwide, with 71 companies listing in the city raising a total of US$31.2 billion. That is already more than the full-year figure of US$29.7 billion raised last year, according to Dealogic data released exclusively to the South China Morning Post.
Hong Kong’s performance this year puts it far ahead of second-place New York, which has a 9.8 per cent market share with US$19.57 billion raised by 52 companies.
Hong Kong was beaten by New York last year after it lost the Alibaba Group’s record US$25 billion listing. With the e-commerce giant’s listing, the New York market saw US$74.18 billion of fundraising by 118 companies, compared with Hong Kong’s US$29.7 billion.
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After Hong Kong and New York, Nasdaq is running third with US$17.46 billion and Shanghai fourth with US$17.11 billion. Shenzhen’s ChiNext, which has raised US$4.83 billion so far, is 14th.