HONG KONG, Sept. 25 (Xinhua) -- IPO proceeds of China's Hong Kong Special Administrative Region are expected to reach up to 150 billion HK dollars (about 19.3 billion U.S. dollars) in 2017, with listings from technology, media, and telecom (TMT) sectors on the rise, KPMG said here Monday.
There were a total of 106 IPOs in Hong Kong in the first three quarters of 2017, an increase of 56 percent from the 68 deals recorded over the same period in 2016, while total proceeds were 85 billion HK dollars, 37 percent lower than the year-on-year total, according to a report released by KPMG.
Hong Kong IPO activity is expected to accelerate in the fourth quarter, with about 80 companies looking to list here, KPMG said.
Maggie Lee, head of Capital Markets Development Group of KPMG said the infrastructure and construction sectors dominated the IPO market in terms of the year-to-date number of listings, while the financial services industry continued to be a major contributor in terms of funds raised.
However, Hong Kong is expected to play a greater role in attracting technology companies to list, as both the Chinese mainland and Hong Kong are taking a number of initiatives to promote development in this area, Lee said.
More than 10 TMT companies, including online-retailers, web-based game developers and IT solutions providers, are preparing to list in Hong Kong in the fourth quarter of 2017, according to KPMG's report.
In comparison, only three TMT companies listed between January and September, the report said. (1 U.S. dollar equals to 7.81 Hong Kong dollar)
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