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Nongfu Spring, Blue Moon and Smoore – popular IPOs that provided outsized gains to investors in 2020
- Nongfu Spring was the hottest IPO in Hong Kong ever, locking up a record HK$677 billion in capital
- The suspension of Ant Group’s IPO triggered the ever largest IPO refund in the city on record
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The year was blighted by the Covid-19 pandemic, but that did not stop companies from tapping the Hong Kong stock market to raise funds. A bottled water maker, a detergent giant and new economy behemoths were among the 142 companies that pushed Hong Kong’s IPO fundraising to a 10-year high in 2020 at US$50.83 billion, according to Refinitiv data.
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Chinese companies occupied the top 10 blockbuster IPOs in Hong Kong, with five of them ranking in the global top 10.
The Post looks at some of the highlights.
Which company raised the most money?
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Mainland e-commerce giant JD.com’s US$4.46 billion secondary listing in June was the year’s largest fundraising by a company including IPOs, according to Refinitiv data. A year earlier that honour went to Alibaba Group Holding when the e-commerce giant and owner of this newspaper raised US$12.9 billion from its secondary listing. Overall, there were 12 secondary listings last year, which accounted for 37 per cent of funds raised in Hong Kong.
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