Hong Kong's financial IPO frenzy approaches peak

The Hong Kong exchange looks set to close the year with over half of its IPO volume coming from financial institutions, with several sizable listings due by year-end.

A slew of initial public offerings are set to hit the Hong Kong market in the final quarter, continuing the trend of big Chinese financial listings seen since the beginning of the year.

On Monday state-owned bad debt manager China Huarong Asset Management and China Reinsurance Group started pre-marketing their IPOs with fundraising targets of $2.5 billion and $2 billion, respectively.

Together with investment bank CICC’s expected $1 billion listing and Bank of Zhengzhou’s $700 million deal, the quadruple offering will add some $6.2 billion to the $20.3 billion already raised this year from IPOs in Hong Kong.

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