According to figures recently released by PricewaterhouseCoopers, lawyers based in Hong Kong cashed in last year on the increasing number of initial public offerings (IPOs) taking place, principally in the jurisdiction's insurance sector.
PwC revealed that in 2004, HK$94.5 billion in funds was raised via IPOs, an increase of 62% on the previous year. The firm went on to suggest that this boom was likely to continue in 2005, and predicted that around HK$138 billion will be raised this year.
The banking sector is expected to lead the way in 2005, and the Bank of China, the China Construction Bank, and the Agricultural Bank of China are among the institutions which have announced plans to make their debut on the stock market.
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