AsianFin -- Hong Kong's IPO market has seen a dramatic rebound in 2024, with fundraising surpassing HK$76 billion (US$9.7 billion) so far this year—more than seven times the amount raised during the same period in 2023, according to Financial Secretary Paul Chan Mo-po.

Speaking on Sunday, Chan highlighted that the amount raised has already reached nearly 90% of the city's total IPO fundraising for all of last year. The surge comes amid renewed investor confidence and a string of high-profile listings, including the world’s largest IPO of the year.

Chan's comments followed the May 20 debut of battery giant Contemporary Amperex Technology Co. on the Hong Kong Stock Exchange. The stock jumped more than 16% on its first trading day, underscoring market enthusiasm.

Chan also noted that several major international financial institutions visiting the Chinese mainland in recent weeks have voiced strong confidence in China's economic outlook. Many of them have pledged to deepen their presence and expand investment in the mainland market.

The rebound in IPO activity marks a positive turnaround for Hong Kong’s capital markets, which have faced headwinds in recent years amid global volatility and rising interest rates.