Share sales in Hong Kong raised a record $47.5bn between July and September as Chinese companies sought capital for artificial intelligence (AI) ventures, the Taipei Times reported on October 9.

The total covers initial public offerings (IPOs), placements and block trades, and is the largest ever recorded for that three-month period. It lifted funds raised so far this year above $92bn, putting the city within reach of the all-time annual high of $112.5bn set in 2021.

The deal surge came despite a sharp selloff in Hong Kong's stock market. It also kept investment bankers in the city at their desks through the usual summer holiday season.

AI has been the main force behind the revival of Hong Kong's equity capital market, and activity picked up markedly over the summer. Chinese companies raised progressively larger amounts during the period, according to the report.