Hong Kong Equity Deals Boom as Chinese Firms Rush to Market

Hong Kong bankers have ended the summer lull with a bang, closing billions of dollars of capital market deals as China’s corporate giants rush to raise cash.

So frenetic is the pace that three Hong Kong-listed companies sought to raise $6.2 billion within just 12 hours last week. Alibaba Group Holding Ltd. issued $3.2 billion in a blockbuster sale of convertible bonds, a type of debt that can turn into stock. China Pacific Insurance (Group) Co. raised $2 billion from its own convertible notes. Electric-vehicle maker Nio Inc. nabbed $1 billion through a share sale.