Hong Kong Share Sales Return as Xiaomi, BYD Raise $11 Billion

Hong Kong’s two biggest stock offerings since 2021 came this month after a pair of electric-vehicle makers took advantage of one of the world’s biggest market rallies.

Xiaomi Corp. just raised $5.5 billion, filling up a war chest for the Chinese company’s aggressive expansion of its EV business. That came just weeks after BYD Co. fetched $5.6 billion in a share sale.

The two mega deals have pushed follow-on offerings in Hong Kong to over $13 billion this year, on track for the Asian financial hub’s biggest quarter since the April-to-June period four years ago, according to data ...