Ant Group's planned sale of up to US$30 billion worth of shares is set to revive fortunes for Hong Kong Exchanges and Clearing Ltd which fell to fifth rank as a destination for initial public offerings in the first half of 2020.
China's dominant mobile payments firm and fintech arm of Alibaba Group Holding Ltd on Tuesday filed for a dual-listing in Hong Kong and on Shanghai's STAR Market in what could be the world's largest IPO.The IPO comes as Beijing's imposition of a security law in Hong Kong and Washington's consequent termination of some agreements with the territory has triggered questions about Hong Kong's future as a financial hub.
For IPOs in the first half 2020, Hong Kong fell to fifth behind the Nasdaq, New York Stock Exchange, the year-old STAR Market and the broader Shanghai Stock Exchange.AdvertisementAnt has not disclosed how much it expects to raise in each of its Hong Kong and Shanghai offerings. Technology companies account for 25.1per cent of Hong Kong's benchmark Hang Seng Index by value, Hong Kong Stock Exchange data showed, from just 8.6per cent in 2015.