Photographer: Justin Chin/Bloomberg

Hong Kong Surpasses Dot-Com Boom With Record Technology IPO Haul

  • Fundraising from tech firms more than five times level in 2000
  • Online insurer, car-financing website sell shares in Hong Kong

Hong Kong’s red-hot market for technology listings has already surpassed the heady days of the dot-com boom. 

Fundraising from tech-related initial public offerings in the city, led by ZhongAn Online P&C Insurance Co., has hit a record $4.2 billion this year, according to data compiled by Bloomberg. That’s more than five times the amount raised in Hong Kong during the global dot-com boom in 2000.

This year’s haul beats the previous record of $2.9 billion set in 2004, when now-dominant Chinese Internet company Tencent Holdings Ltd. first sold stock to the public. The next major deal to begin trading will be Yixin Group Ltd., a car-financing website that raised HK$6.8 billion ($867 million) after pricing at the top of a marketed range, according to people with knowledge of the matter.

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