Dalian Wanda’s $3.7bn initial public offering of its property unit this week has propelled Hong Kong from fourth to second place in the global rankings for equity fundraisings in 2014 — but New York remains firmly out in front, after its strongest year for flotations since the dotcom boom.
A last-minute rush of IPOs in Hong Kong has raised $8bn in the past two weeks, helped by the listing of Dalian Wanda Commercial Properties, as well as motor company BAIC’s $1.4bn share issue and nuclear generator CGN Power’s $3.2bn fundraising.
However, it was a Chinese ecommerce company’s choice of New York for its debut that gave the world its biggest ever flotation, and the US its global lead.