US-listed Chinese search giant Baidu Inc and video-streaming service Bilibili Inc raised a combined US$5.7bil through secondary listings in Hong Kong in March but had lacklustre debuts.
NEW YORK: As in the US, initial public offering (IPO) activity out of Asia has had its strongest-ever start to a year. That frenzy for new shares is likely to taper off as demand falls back to earth in the next few months.
Asian companies, like their global peers, notched their best first quarter for listings ever, thanks to a flood of liquidity during the pandemic, super-low interest rates, and rallying stock markets. The firms raised US$49.3bil (RM204.1bil) through first-time share sales at home and abroad – a 154% jump over the same period in 2020, data compiled by Bloomberg show.
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