Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region, announced on Sunday that IPO fundraising in Hong Kong has exceeded 76 billion HK Dollars (approximately US$9.7 billion) so far this year.

This marks a sevenfold increase compared to the same period last year, and reaches nearly 90% of the total raised in all of last year.

In a blog post, Chan highlighted that despite global uncertainties, Hong Kong is striving to capitalise on emerging opportunities, reinforcing its role as a “super connector” between mainland China and international markets.

Last week, Hong Kong hosted two major themed financial forums, which significantly boosted fundraising momentum in the market.

Numerous experienced international investors signalled plans to expand their asset allocations in mainland China and the broader Asia region via Hong Kong.

Notably, the Hong Kong IPO market also saw the world’s largest new stock listing of the year during the same period, Shine News reports.

In addition, the Hong Kong Investment Corporation Limited held its first International Forum for Patient Capital. Representatives from several tech firms said the event helped them engage with more prospective investors and secure long-term funding, enhancing alignment between capital and innovation.

This support is expected to strengthen efforts in technological research, development, and commercialisation.

Furthermore, at the end of last week, the ordinance enabling company re-domiciliation officially came into effect.

That same day, a major international insurance firm announced plans to shift its registration to Hong Kong, a move expected to be followed by companies in other industries, such as shipping.

Chan noted that the robust performance of Hong Kong’s stock market this year, along with a growing number of domestic and international companies setting up global headquarters, research hubs, and regional offices in the city, underscores the strong confidence global investors and businesses have in Hong Kong.