In recent years, Hong Kong has fallen out of the top ranks as the preferred venue for public listings but it has managed to climb back into the top five in 2024.
In the first nine months of 2024, initial public offerings (IPO) globally raised $83.3 billion of funds through 851 deals, according to a report by KPMG, marking a 21 percent and 15 percent decline, respectively.
Nasdaq was the top IPO venue with $14.4 billion raised, followed by the New York Stock Exchange ($12.4 billion) and the National Stock Exchange of India ($8.6 billion).
Hong Kong’s Return
After a slump in recent years, Hong Kong returned to become the fourth leading hub for public listings, raising HK$55.6 billion ($7.2 billion) year-to-date, up around 120 percent year-on-year. This was driven mainly by a major HK$35.7 billion IPO by consumer appliance firm Midea.
«Hong Kong's recent completion of its largest IPO in the last three years signals the return of confidence and interests of investors,» said Irene Chu, partner, head of new economy and life sciences, Hong Kong, KPMG China, describing the Midea listing.
«The agility of listing authorities, combined with the recent interest rate cut and Chinese government's stimulus measures, have further supported the market recovery. Looking ahead, these favorable conditions are expected to drive a sustained increase in IPO activity, positioning Hong Kong as a hub for high-growth companies.»
