BUSINESS HKSAR financial chief expects more tech firms to go public in HK following Alibaba

BUSINESS

HKSAR financial chief expects more tech firms to go public in HK following Alibaba

Xinhua

14:57, December 01, 2019

HONG KONG, Dec. 1 (Xinhua) -- Financial Secretary of China's Hong Kong Special Administrative Region (HKSAR) government Paul Chan has said Sunday that he expects more tech firms to go public in Hong Kong, encouraged by the successful fund-raising of leading companies including Alibaba.

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People visit the 2018 World Internet of Things Exposition in Wuxi, eastern China's Jiangsu province, Sept 17, 2018. (Photo: VCG)

In his weekly article, Chan said there will be a cluster effect following the listing of tech giants.

Alibaba Group Holding Ltd. made a debut on the main board of Hong Kong Stock Exchange Tuesday in one of the world's largest fund-raising this year.

Chan said the major opportunities will likely come from the Guangdong-Hong Kong-Macao Greater Bay Area as more and more tech startups are emerging and thriving in the area that aims to become an international center for technology and innovation.

Hong Kong can continue to play the role of an international financial hub to assist the development of those firms, Chan said, in particular citing Hong Kong's highly-developed market of private equity funds.

It is fortunate that the impact from the nearly-half-year social unrest remains limited in Hong Kong's financial sector, though the broader economy and people's livelihood have been severely affected, Chan said.

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