SINGAPORE (July 3): China’s tycoons are flooding Hong Kong’s exchange with US$20 billion ($27.8 billion) worth of new listings.
While the city’s rich are preparing for a worst-case scenario amid a controversial national-security law, major mainland billionaires are coming in. The latest to do so are William Ding of NetEase Inc and JD.com Inc’s Richard Liu, whose companies completed secondary listings there last month. They follow Jack Ma, whose Alibaba Group stock issuance in November was the city’s largest since 2010.
Together, the three moguls’ firms have raised US$20 billion from share sales in the former British colony, and that may be just the start of a new wave of listings by mainlanders.