More Chinese unicorns prefer to raise capital in Hong Kong than any other market, survey shows
Four of every 10 so-called unicorns picked Hong Kong as the preferred market for an IPO, according to a PwC survey of 101 of these companies, each with at least US$1 billion in valuation
Hong Kong stands out as the preferred market for raising capital among China’s most valuable companies, according to a survey that vindicates last year’s overhaul in the city’s stock listing rules.
US stock markets come in second at 25 per cent, followed by China’s yuan-denominated A-share market in third place with 23 per cent, according to the survey of C-suite executives including founders and chairmen.
“Hong Kong is the preferred capital market partly due to the latest tweaks in its listing measures, including the support for biotechnology companies and dual-class structures, reflecting the determination to embrace the new economy by the stock exchange,” said Gao Jianbin, PwC’s leader for China technology, media and telecommunications leader, in Shanghai.
The survey is the latest vindication for Hong Kong Exchanges and Clearing (HKEX), which last year pushed through a controversial overhaul of the city’s listing regulations along with the securities regulator. The amendments, the most extensive in three decades, were to help the bourse regain its pole position as the world’s largest market for fundraising, after losing the 2017 crown to New York, Shanghai and Shenzhen.
