Hong Kong's stock exchange was dealt a major blow last month when Ant Group's highly anticipated IPO was shelved. But the city is still likely to end the year as one of the world's top markets for public offerings thanks to Chinese companies raising cash.
The Asian financial hub has hosted more than 120 new listings so far this year, according to data compiled by Dealogic. The research firm said those listings have raised a combined $47 billion through Tuesday, the third highest tally in the world behind the New York Stock Exchange and the Nasdaq. It's also a 17% jump when compared to the entirety of 2019.
The latest winner in Hong Kong's hot streak is JD Health, an online healthcare unit owned by Chinese e-commerce firm JD.com (JD). The company's shares popped 56% on the first day of trading Tuesday. The firm has raised at least $3.5 billion, making it the city's largest initial public offering this year.

The market success is good news for Hong Kong, which has otherwise been dealing with growing doubts about its future as a global business hub as China tightens its control on the city.
The city's image was hurt last year by months of pro-democracy protests. This year, in addition to Covid-19, business confidence was shaken when Beijing imposed a controversial national security law on Hong Kong that critics warned will undermine the democratic freedoms long enjoyed by residents. The Chinese government's grip on Hong Kong is also a concern for businesses, which have established operations in the city largely because of how open the city is to foreign investment and its independent legal system.
Hong Kong financial secretary Paul Chan acknowledged this week that international investors have been worried about the city's future. But he also said that the government has been working to shore up confidence in the city, and intends to work with regulators to promote Hong Kong to international investors.