HK eyes blockbuster China tech IPO queue

Hong Kong bankers are eyeing a slew of blockbuster IPOs from Chinese technology firms with a total market capitalization of some $500 billion over the next two years, in a sharp contrast to 2017 - the city's worst year for raising equity in a decade, reports Reuters.

If bankers' expectations are met, it would set up Hong Kong for a showdown with New York, the traditional host for the world's hottest new-economy companies and Hong Kong's closest rival for the global IPO crown. Companies such as smartphone maker Xiaomi and wealth management platform Lufax are among those mulling multi-billion dollar listings in Hong Kong next year, encouraged by a late-2017 rush of tech floats. Bankers estimate Xiaomi's IPO could value the company at up to $100 billion, while Lufax was valued at $18.5 billion in its last funding round.