Singapore companies and their Southeast Asian peers have been turning to Hong Kong for capital to fund their growth ambition in recent years, with an eye on gaining a foothold in the Greater Bay Area. Can the coronavirus outbreak halt the trend?
Eighteen companies from the region raised US$270.2 million (HK$2.1 billion) last year on their way to Hong Kong stock exchange listings, compared with 16 that raised US$238.9 million in 2018, according to data compiled by Refinitiv. Singapore also contributed the fifth largest number of global start-up companies with headquarters in Hong Kong, a government study shows.
The trend has helped underpin Hong Kong’s role as the top fundraising market despite anti-government protests that gripped the city over the past eight months. The prize may be too big to ignore: a cluster of 11 vibrant cities in an area that makes up one-eighth of China’s economy, or twice as large as San Francisco bay’s.
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