But being a financial hub requires more than just big names and investment fads.
Hong Kong needs to focus on more diversity to become a financial hub.
Hong Kong has had a unique appeal lately for global mining and luxury goods firms. Swiss-based commodities trader Glencore will issue shares there as part of its $61 billion offering, reflecting China's status as the world's biggest energy user.
Luxury firms Prada and Jimmy Choo are also eyeing the exchange to be closer to Chinese consumers, who will make up more than one fifth of the global luxury market by 2015, according to McKinsey.
Hong Kong investors like hot investment themes like luxury and energy. They are also more tolerant of founder-controlled companies floating minority stakes.
None of these big names will fill the two real gaps in the Hong Kong market: growth companies and stable businesses. Consider high-tech. Not one of the 57 technology companies to list this year globally has done so in Hong Kong.
New York remains the destination of choice for Chinese Internet names such Sina and Renren, and new energy companies such as Suntech.
Tech stocks make up 4 percent of the Hang Seng index by market capitalisation, versus 16 percent in the S&P 500.
More defensive companies, meanwhile, would make the exchange more balanced, and benefit its own shareholders.
Hong Kong relies heavily on cyclical financial, property and energy stocks, which make up 60 percent of the Hang Seng, versus 30 percent of the S&P. Just 9 percent of Hong Kong's IPOs this year came from consumer staples, healthcare and manufacturing, versus 37 percent globally.
A higher weighting in defensive sectors can help ensure trading volumes don't disappear when the cycle turns.
Not that Hong Kong should shun its natural advantage. More than 70 percent of Hong Kong's economy is in services, so it is logical that its capital markets should reflect that bias. But diversification is essential if the city hopes to be a one-stop option for global investors. Prada and Choo are fine, but Hong Kong needs substance as well as style.
CONTEXT NEWS
Switzerland's Glencore International AG, the diversified commodity trader, was set to release its initial public offering prospectus on May 4. It announced plans in April to rising up to $12 billion with a dual IPO in London and Hong Kong.
Fashion house Prada has applied for a Hong Kong initial public offering which could value the Italian firm at $11 billion. British luxury shoemaker Jimmy Choo is considering a $1.1 billion initial public offering in Hong Kong, the Financial Times said on April 28.
Hong Kong has attracted a growing number of non-Chinese listings over the past two years, including Russian aluminium maker UC RUSAL and French skincare products retailer L'Occitane