Bankers Risk US Backlash Over China Deals Boom in Hong Kong

Hong Kong’s long-beleaguered financial industry is entering a lucrative but risky era on the front lines of China’s economic rivalry with the US.

Fueled by a surge in capital raising by Chinese corporate giants like battery maker Contemporary Amperex Technology Co. Ltd and Tesla Inc. rival BYD Co., business is finally booming for dealmakers in the city. First-time share sales have topped $16 billion this year, and PwC projects the market will close 2025 as the world’s biggest venue for listings. The city’s stock market is up 24%, eclipsing gains in the US and Europe. Corporate debt issuance is on course for an all-time ...