Hong Kong's booming initial public offering market appears set to close out the year on a strong note.
Mainland Chinese companies including smartphone manufacturer Xiaomi and mobile infrastructure giant China Tower are among those that have gone public this year in Hong Kong, and more are on the way. On Wednesday, Chinese hotpot restaurant chain Haidilao is scheduled to start trading, followed Thursday by financial services firm China Renaissance.
Hong Kong topped global rankings for initial public offering volumes in the first half of 2018 and is expected to keep that crown for the entire year.
"Following a strong third quarter, KPMG forecasts total IPO fundraising in Hong Kong to reach more than HKD 300 billion ($38.4 billion)," the consultancy said in its quarterly IPO review for Hong Kong and the Chinese mainland published last week.
That means Hong Kong should finish 2018 as the world's top market for new listings, KPMG said.
Such an annual total would be nearly triple the 122.6 billion Hong Kong dollars recorded last year.
IPOs are also set to rake in HK$190 billion in the third quarter, according to its estimate. For the first nine months of the year, the total is estimated at HK$238.2 billion.
KPMG said its figures were based on data as of Sept. 14 and its own estimates.