The big cornerstone comeback: what’s driving investors back to Hong Kong IPOs?
The big cornerstone comeback: what’s driving investors back to Hong Kong IPOs?
The big cornerstone comeback: what’s driving investors back to Hong Kong IPOs?
After four subdued years, the cornerstone investors that anchor Hong Kong’s IPO market are returning in force, reshaping the deal landscape.
Until last year, Fidelity International’s most significant cornerstone commitments on the Hong Kong initial public offering (IPO) market dated back to 2021, when Chinese short-video platform Kuaishou Technology raised US$5.4 billion and healthcare firm Medlive Technology completed a US$543.4 million listing. Then for the next four years, the asset manager went quiet. Late last year it returned to Chinese assets in force. It backed gold miner Zijin Gold International’s US$3.2 billion listing in...