HK bankers work around the clock as IPOs surge

Citigroup Inc has won eight Chinese healthcare mandates in the three weeks just before Lunar New Year, expecting to raise US$300mil to US$400mil for each in July through September. (File pic shows the CITI Bank HQ in New York)

HONG KONG: Hong Kong’s bankers are working around the clock as the region’s companies rush to go public.

Initial public offerings (IPOs) in the city have already hit almost US$11bil (RM45.3bil), a close to 500% jump from a year earlier, with video streaming platform Bilibili Inc and search giant Baidu Inc among companies preparing multi-billion dollar deals.