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China’s tech tycoons flood Hong Kong with US$20 billion of stock listings
- Chinese tech tycoons with companies trading in Hong Kong now have a combined net worth of US$182 billion, more than the city’s 10 richest people
- Alibaba, NetEase and JD.com have raised US$20 billion from share sales in Hong Kong
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China’s technology tycoons are flooding Hong Kong’s stock exchange with US$20 billion worth of new listings, reinforcing the city’s position as a major financial hub in Asia.
While the city’s rich are preparing for a worst-case scenario amid a controversial national security law, major mainland billionaires are coming in. The latest to do so: William Ding Lei of NetEase and JD.com’s Richard Liu Qiangdong, whose companies completed secondary listings in Hong Kong last month.
They follow Jack Ma, whose Alibaba Group Holding’s stock issuance in November was the city’s largest since 2010. Alibaba is the parent company of the South China Morning Post.
Together, the three moguls’ companies have raised US$20 billion from share sales in Hong Kong, and that may be just the start of a new wave of listings by major companies from the mainland.

“Chinese billionaires’ tech companies are helping the capital market in Hong Kong for a pivotal change and secure its Asia financial hub status,” said Edward Au, managing director of the southern region at Deloitte China. “The city’s stock exchange is also trying to make it a more appealing destination for new-economy companies.”
The national security law that was approved on Tuesday is threatening to erode Hong Kong’s judicial independence from the mainland, a key part of the city’s appeal to international companies and investors. The US has already started to make it harder to export sensitive American technology to Hong Kong.
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