As per the report of Financial Times, the stock trading volumes in Hong Kong have soared to four times that of the London Stock Exchange. This is because large Tech stocks have attracted a huge appetite from external investors for the “Nasdaq of Asia”. With $50 bn inflows from mainland China, the Asian city turnover is expected to surge, reaching almost 60% of the NYSE.
The average daily turnover on the stock exchange in the 30 days to February 16 jumped to about $25bn (from $10 bn in same period a year ago) as per the Financial Times calculations based on Bloomberg data.
“That is more than quadruple the average daily turnover on the London Stock Exchange during the same period. Earlier this month, London lost its crown as Europe’s biggest share trading centre to Amsterdam. The NYSE’s average daily turnover was $44bn. Hong Kong this month hosted the bumper $5.4bn listing of Chinese viral video app and TikTok competitor Kuaishou, the world’s biggest tech initial public offering since Uber in 2019.” – reports Financial Times.
“The exchange is fast becoming seen as the Nasdaq of Asia thanks to continual tech listings that are attracting new capital to Hong Kong,” said Angus Richardson, co-head of pan-Asian execution services at Citigroup.