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It’s enough money to buy Alibaba Group, or pay every resident of Hong Kong nearly $50,000. The figure - more than $353 billion - represents the amount of margin loans sought by the city’s retail investors to bet on red-hot initial public offerings this year!!!
“I am a millionaire for seven days — I know it’s just on paper, but it’s cool,” said Gareth Chan, who is in his 30s and has been buying into IPOs since 2019. The way Chan, who works in a back office function for a conglomerate, sees it, there’s virtually no risk to the wagers if he sells within the first few minutes of trading. That can’t-lose mentality is starting to worry Hong Kong authorities. The city’s financial regulator is reviewing eight brokers with the highest IPO oversubscription volumes, Securities and Futures Commission Chief Executive Officer Julia Leung said in February, without naming the firms.
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