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A strong initial public offering for Ant, the financial arm of Chinese internet giant Alibaba, will set the tone for share flotations among technology, health care and property management companies. (Source photos by Reuters and AP)
Market Spotlight

Hong Kong bets on Ant's giant IPO to keep up listings bonanza

Chinese fintech's performance will set the tone for others coming to market

NARAYANAN SOMASUNDARAM, Nikkei Asia chief banking and financial correspondent | Hong Kong

HONG KONG -- Hong Kong bankers and investors hope Ant Group's huge initial public offering will crown a stellar year for listings -- but they know it will be pivotal for the direction of the territory's stock market and for China's ability to rival U.S. exchanges as a place to raise money.

Hong Kong has shrugged off creeping political curbs by Beijing, tensions between China and U.S., and the coronavirus pandemic to reel off three dozen listings since the end of June. Nor is the flow at an end. Investment banks are sitting on what one described as the "best pipeline in the past decade."

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