Hong Kong's value extends beyond hot IPO market: Paul Chan
Financial Secretary Paul Chan says Hong Kong's worth goes beyond its booming IPO market, citing its concentration of financial institutions, investors and talent. He notes Jiangsu is a key partner, with over 129 Jiangsu firms listed in the city at a combined valuation of HK$1.44 trillion.
Hong Kong serves as a significant platform for enterprises to access international capital, but the city's value goes beyond its red-hot initial public offering market, Financial Secretary Paul Chan Mo-po said on Tuesday, citing the city's concentration of financial institutions, investors and professional talent.
During a visit to Jiangsu Province, Chan noted in a speech that Hong Kong is both the province's largest source of foreign investment and its largest outbound investment destination.
Hong Kong has seen over 129 Jiangsu-based companies go public in the city, with a combined market valuation of HK$1.44 trillion, he said.
So far this year, about 100 firms have listed in Hong Kong, raising about HK$380 billion, more than double the amount raised over the same period last year, he added.
Meanwhile, as the city is home to more than 70 of the world's top 100 banks, companies entering Hong Kong can tap into the international financial network to secure funding and partners for their business development at various stages, Chan said.
On talent, the SAR government is advancing the development of the Northern Metropolis, including the Northern Metropolis University Town, where refined education and research resources from Hong Kong, the mainland and overseas converge, driving the coordinated development of education, technology, talent and industry, he noted.
He added that Jiangsu's industrial base and Hong Kong's research capabilities, financial services and international network can complement each other in this process.