HK overtakes New York as world's biggest IPO capital

Hong Kong

HONG Kong replaced New York this year as the world's biggest IPO market by the amount of funds raised, buoyed by Chinese banks and other financial firms, with the deal pipeline pointing to a stronger year ahead.

Companies raised US$25 billion via initial public offerings (IPOs) in Hong Kong so far this year, higher than the US$19.4 billion raised in New York, preliminary data from Thomson Reuters shows.