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The Hong Kong skyline is seen this Feb 16, 2025, file photo taken from the Peak. (SHAMIM ASHRAF \/ CHINA DAILY)<\/p>\nThe Hong Kong skyline is seen this Feb 16, 2025, file photo taken from the Peak. (SHAMIM ASHRAF \/ CHINA DAILY)<\/p>\n
Bankers in the Hong Kong Special Administrative Region have ended the summer lull with a bang, closing billions of dollars of capital market deals as the Chinese mainland\u2019s corporate giants rush to raise cash.<\/p>\n
So frenetic is the pace that three Hong Kong-listed companies sought to raise $6.2 billion within just 12 hours last week. Alibaba Group Holding Ltd issued $3.2 billion in a blockbuster sale of convertible bonds, a type of debt that can turn into stock. China Pacific Insurance (Group) Co raised $2 billion from its own convertible notes. Electric-vehicle maker Nio Inc nabbed $1 billion through a share sale.<\/p>\n
ALSO READ: <\/strong>Hong Kong: IPO champion of the world<\/strong><\/a><\/p>\n Bankers say there is plenty more to come. After a brief slowdown during the summer months, equity capital markets insiders are bracing themselves for a raft of billion-dollar deals. Initial public offerings, secondary share sales and equity-linked transactions are all poised for a boom period.\u00a0<\/p>\n \u201cIt\u2019s been a pretty hectic couple of weeks, and I suspect that it\u2019s only going to continue,\u201d said John Huang, head of equity capital markets for Asia at HSBC Holdings Plc.<\/p>\n The latest supply will add to what has already been a blistering pace of dealmaking in the city this year. Hong Kong share sales \u2014 including initial public offerings, placements and block trades \u2014 have raised $51 billion since Jan 1, putting them on track to close the year at a four-year high, according to data compiled by Bloomberg.<\/p>\n Sales of bonds that can be exchanged for stock by mainland companies have raised more than $33 billion globally so far in 2025, eclipsing annual proceeds in each of the past two years.<\/p>\n The pace of issuance still isn\u2019t enough to meet demand. Fund managers, finally enjoying a period of optimism for the SAR\u2019s stock market, are rushing to place orders for share sales and convertible bonds. The scale of demand means many investors are left disappointed once these deals are allocated.<\/p>\n \u201cSome of these high-quality deals, no matter how big the size, we get peanuts,\u201d said Victoria Mio, a portfolio manager at Janus Henderson Investors who oversees mainland equities, adding that her fund has been participating in more deals this year.<\/p>\n Convertible bonds<\/strong><\/p>\n Mainland companies are leading the charge, and are likely to push Asia\u2019s equity-linked bond issuance to multi-year highs as they raise cash for overseas expansion or bets on artificial intelligence. These bonds can offer much cheaper funding than traditional debt \u2014 Alibaba and China Pacific\u2019s recent convertible notes came with zero coupons \u2014 and they also benefit when stocks are moving quickly.<\/p>\n Hong Kong\u2019s benchmark Hang Seng Index is up more than 30 percent this year, despite a plunge in April that wiped out most of its earlier gains.<\/p>\n![](\"https:\/\/www.europesays.com\/ie\/wp-content\/uploads\/2025\/09\/61b4985a6fa3e7f873ecf0ff58553c0a.png\"\/)
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