As anti-government protesters fought pitched battles with police in Hong Kong st...
HONG KONG - As anti-government protesters fought pitched battles with police in Hong Kong streets last week, a group of bankers in another part of the city were busy taking in billions for the public float of the Asia unit of the world’s largest brewer.
Bankers say at least three more major companies are set to list in Hong Kong this month, selling more than $3 billion worth of new shares. Companies raised $15 billion in new listings in Hong Kong in the first nine months of 2019, second only to New York, according to Refinitiv data. “The impact was seen in the initial one to two months in share prices, and mostly in retail, property and tourism,” he said. “ the index mostly reflects onshore Chinese market and economy. Hong Kong companies’ share is not that big.”What started as protests over a now-withdrawn extradition bill that would have allowed criminal suspects to be sent to mainland China for trial have evolved into broader calls for greater democracy, among other demands in Hong Kong.
As many as 40 companies have filed IPO applications with the Hong Kong stock exchange in September, according to information available on its website, the highest pace of filing since March this year. E-commerce giant Alibaba Group in August also delayed plans for a $15 billion listing in Hong Kong because of the political turmoil.In another sign of solid demand, net purchases on southbound stock connect that allows mainland-based investors to buy Hong Kong stocks - reached $8 billion in August, the most since January 2018.Demand from homebuyers in the world’s most expensive property market has shown little signs of weakening due to the protests.
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