Equity capital market activity rises 6.1% YoY in 1H23

Proceeds likewise rose, increasing 46.2% YoY.

Equity capital markets (ECM) in Hong Kong recorded its highest first-half period by proceeds since 2021 in 1H23, data from the London Stock Exchange Group (LSEG) showed.

According to LSEG’s report, proceeds reached US$11.1b in 1H23, representing a 46.2% increase from 1H22. ECM issuances likewise rose, increasing 6.1% YoY.

Looking at industries, real estate had the biggest market share in ECM proceeds, accounting for 26.0% or US$29.9b. Compared to 1H22, real estate’s ECM proceeds soared 137.6% YoY.

Consumer Staples and Healthcare also recorded huge upticks in their respective proceeds. Consumer Staples had US$2.4b (21.3% of total ECM proceeds), whilst Healthcare had US$1.8b (16.5% of total ECM proceeds).

Meanwhile, Hong Kong also recorded a 21.7% growth in IPO activity in 1H23. Despite the number of IPO issuances, proceeds from IPOs still fell by 8.5% YoY to US$2.2b.