Hong Kong tops India in share sales, 1st time since 2021

Hong Kong overtook India to become the world’s second-largest market for share sales this year, wresting the distinction for the first time since 2021 after Chinese companies such as BYD and Xiaomi took advantage of rebounding stock prices. First-quarter proceeds from IPOs, block sales and share placements in Hong Kong soared 11-fold from a year ago to more than $16 billion, trailing only the US. Indian deals nearly halved to $6.9 billion, slipping below those of Japan and the UK.