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International consultancy PwC is anticipating that complete funds raised throughout 12 months of 2024 on the Hong Kong Inventory Change (HKEX) will rebound and attain over HK$100 billion ($12.8 billion) with over 80 firms anticipated to record.
IPO fundraising slowed considerably via 2023 with complete fundraising on the HKEX at HK$46.3 billion, a year-on-year lower of 56%.
Already this 12 months, Guming Holdings, a Chinese language milk tea chain retailer, and the Mixue Group, which has a franchise of ice cream and iced tea shops, utilized for listings on the HKEX. Each firms, that are a part of the multi-billion greenback bubble tea market, utilized earlier this week on January 2.
Guming has appointed Goldman Sachs and UBS as total coordinators whereas Zhengzhou-based Mixue, also referred to as Mixue Ice Cream & Tea, has appointed Financial institution of America, Goldman Sachs and UBS as its coordinators.
Mixue not too long ago opened its first retailer in Hong Kong and has vital operations exterior of China, together with in lots of markets in Asia.
Optimism
After a torrid 12 months, there are a number of causes for optimism, which can be a lift for brand spanking new HKEX chief govt Bonnie Chan who takes up the function in Could.
“We’re optimistic about Hong Kong’s inventory market this 12 months. We count on three to 5 specialist know-how firms will record in Hong Kong via Chapter 18C in 2024. Conventional sectors, together with industrial and retail, shouldn’t be neglected and are anticipated to proceed to dominate,” stated Benson Wong, PwC Hong Kong entrepreneur group chief, stated in a January 2, 2024, media launch.
Wong added: “The inflow of Chinese language mainland firms establishing or increasing their presence in Hong Kong, coupled with the rising demand from worldwide funds to allocate into Rmb property, implies that there can be better interconnection between the Hong Kong and Chinese language mainland markets.”
“The additional growth of Inventory Join will assist promote Hong Kong as a centre for Rmb asset threat administration and solidify its place as a world offshore Rmb enterprise hub,” Wong continued.
For extra FinanceAsia commentary on the state of the market in Hong Kong see right here.
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