Hong Kong IPOs set to raise $17.6 billion in 2005

Hong Kong stock listings will raise US $17.6 billion (HK$137 billion) this year, an increase of nearly 46 percent from 2004 as more mainland companies go public in the second half, PricewaterhouseCoopers said on Tuesday. So far this year Hong Kong IPOs have raised US $7.76 billion, compared with about $7.17 billion for the first half of 2004, after companies such as Bank of Communications and China COSCO Holdings launched billion dollar deals.
Big mainland companies including China Construction Bank are expected to drive activity for the rest of the year, PWC partners said at a press briefing.
Beijing has been encouraging many companies to seek overseas listings, which gives them access to foreign capital and market discipline.
Construction Bank, Minsheng Banking Corp and Shanghai Automotive Group are three IPOs expected later this year that may fetch nearly $9 billion.