In this Nov 17, 2016 photograph, a woman walks past signage of the Hong Kong Exchanges and Clearing Limited (HKEX) outside the stock exchange in Hong Kong. (ANTHONY WALLACE / AFP)
Hong Kong’s red-hot market for technology listings has already surpassed the heady days of the dot-com boom.
Fundraising from tech-related initial public offerings in the city, led by ZhongAn Online P&C Insurance Co, has hit a record US$4.2 billion this year, according to data compiled by Bloomberg. That’s more than five times the amount raised in Hong Kong during the global dot-com boom in 2000.
This year’s haul beats the previous record of US$2.9 billion set in 2004, when now-dominant Chinese Internet company Tencent Holdings Ltd first sold stock to the public. The next major deal to begin trading will be Yixin Group Ltd, a car-financing website that raised HK$6.8 billion (US$867 million) after pricing at the top of a marketed range, according to people with knowledge of the matter.