New York City has lost its position as the world’s top initial public offering (IPO) market, as the Hong Kong Stock Exchange reclaimed the top spot, according to Refinitive data.
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The South China Morning Post, citing Refinitiv, reported Monday that as of Dec. 21, Hong Kong’s main board owned a 17.6 percent share of the global IPO market, with 125 companies raising $36.5 billion – the highest since 2010 and up 175 percent from last year.
In the same time frame, the New York Stock Exchange had 64 IPOs worth $28.9 billion for a 13.9 percent share.
Hong Kong was the No. 1 market in 2015 and 2016, years in which the exchange attracted mainly manufacturing and financial firms.
The Asian bourse’s improvement followed the largest reforms in 25 years, allowing pre-revenue biotech firms and dual-class shareholding companies to list.