Total funds raised through Initial Public Offerings in Hong Kong in 2004 will almost certainly surpass the level of funds raised last year, Hong Kong Exchanges and Clearing announced on Wednesday.
Already this year, 38 new listings on the main board and the Growth and Enterprise Market have raised over HK$50 billion (US$6.4 billion). This compares to the HK$59 billion raised by 73 firms in the whole of 2003.
Reports suggest that one of the underlying reasons behind this surge in funds from IPOs is that firms in certain industries are finding it more difficult obtaining funds from banks, which have tended to tighten up credit in recent times.
It has also been reported that many of these firms originate from the mainland.
The last peak for IPO fund raising occurred in the year 2000 at the height of the technology boom, when HK$132 billion in funds was raised.
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