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Hong Kong leads world in IPOs for 2018, driven by tech listings

Looser rules encourage big stock debuts around Asia

Xiaomi founder, Chairman and CEO Lei Jun hits the gong during the listing of his company on the Hong Kong Stock Exchange on July 9.   © Reuters

HONG KONG -- The crown for the world's top IPO market returned to Hong Kong in 2018, thanks to debuts by major Chinese technology companies won amid fierce global competition.

Fundraising through initial public offerings on the Hong Kong Stock Exchange looks to reach $36.6 billion this year, 120% more than in 2017, according to Deloitte. The New York Stock Exchange, which topped the list last year, appears headed for second place with $28.8 billion, followed by the Tokyo Stock Exchange at $26.2 billion.

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