Global hedge funds are participating in Hong Kong listings at the highest rate since 2021 as the so-called “smart money” returns to the Chinese market after an extended slowdown.
Millennium, Qube Research & Technologies and Oaktree are among the asset managers that have participated as early investors in Hong Kong initial public offerings this year.
They have helped drive the proportion of listings with a hedge fund as a cornerstone investor to 14 per cent, just below 2021 levels, according to data from Dealogic. The data included alternative asset managers that run hedge fund strategies, including Boyu Capital.
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