Hong Kong exchange CEO says IPOs in city 'just keep coming'

[SINGAPORE] Hong Kong Exchanges & Clearing Ltd. is on track for a record year for initial public offerings, and it doesn't see a let-up in businesses coming to list.

"People are still actually coming in big groups, and the listing pipeline is still very long," chief executive officer Charles Li said in a Bloomberg Television interview Tuesday at the New Economy Forum in Singapore. "They just keep coming because all these companies have big business plans to fund, big strategic expansions to pursue. They don't seem to be deterred or affected by this broader sentiment as much as we are afraid."

There are more than 250 companies in the IPO pipeline for next year, including many in the technology sector, according to Mr Li. At least a dozen biotech companies are expected go public under new rules designed to attract that sector, he said. Hong Kong first-time share sales have raised US$32.6 billion this year, the most of any listing venue globally, according to data compiled by Bloomberg.

"This year is so difficult and yet we have had a record year, and it looks like we're going to end the year No 1 globally," Mr Li said.

The New Economy Forum is being organised by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.

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