<article>New listings in Hong Kong are expected to raise up to HK$100 billion ($12.8 billion) in 2024, allowing the Hong Kong Stock Exchange to reclaim its position among the top five IPO bourses in the world.</article>

New listings in Hong Kong are expected to raise up to HK$100 billion ($12.8 billion) in 2024, allowing the Hong Kong Stock Exchange to reclaim its position among the top five IPO bourses in the world.
Three of the big four global accounting and consulting firms—Deloitte, PwC and KPMG—expect Hong Kong’s initial public offerings to rebound to HK$100 billion, while Ernst &amp; Young put its estimate at HK$50 billion.
Ernst &amp; Young is the most pessimistic, expecting the Hong Kong IPO market to continue a lacklustre performance in 2024 and only start to improve in 2025.
Although the IPO figure is expected to double this year, the level will still be relatively low compared with the previous years, said Louis Lau, partner of KPMG in China.
As the US rate-hike cycle ends, funds will flow back to Asia, increasing market liquidity and improving valuations, leading to a pick-up in the Hong Kong IPO market, said Ou Zhenxing, managing partner of Deloitte South China.
Hong Kong has been the top IPO destination for companies from the Chinese mainland for years. However, a slower economic growth in China and a prolonged stock-market slump in Hong Kong have made it harder for companies to go public.
In 2023, only 73 companies went public in Hong Kong, raising a total of $46.3 billion. The number of listings declined by 19% from 2022, while funds raised fell 56% to the lowest level in two decades, making the HKEX rank sixth after Shanghai Stock Exchange, Shenzhen Stock Exchange, Nasdaq, New York Stock Exchange and the National Stock Exchange of India.
Nicolas Aguzin, the CEO of Hong Kong Exchanges &amp; Clearing Ltd., will leave the company at the end of his three-year contract and be succeeded by co-chief operating officer Bonnie Chan in May.
During Aguzin’s tenure, the Hong Kong Exchange expanded trading links with the Chinese mainland to include interest rate swaps and exchange-traded products. He also ushered in yuan counter trading to boost the use of the Chinese currency. Other changes included a speedier IPO settlement platform and the enabling of block trades via Stock Connect.
This article first appeared in <a href="https://www.caixinglobal.com/2024-01-10/hong-kong-ipos-expected-to-rebound-to-128-billion-in-2024-102154819.html">Caixin Global</a>.

Deloitte, PwC and KPMG expect Hong Kong’s IPOs to rebound to HK$100 billion, while Ernst & Young put its estimate at HK$50 billion.

Hong Kong may reclaim position among top 5 IPO destinations in 2024

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Hong Kong may reclaim position among top 5 IPO destinations in 2024

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