Coronavirus in Hong Kong: Top 5 Most Unusual Moments in Finance
4. Internet Public Offering
In a year where the bizarre and unusual frequented the sector, an IPO with no physical presence seems almost uninspiring. But the feats of InnoCare Pharma should not be overlooked as the Chinese biotech firm took both its investor presentation and listing ceremony online and managed to pocket a cool $289 million – the top end of the range of its projected valuation.
Even without actual ribbon-cutting and gong-banging, the listing was received with much fanfare evidenced by a retail tranche that was nearly 300 times oversubscribed in the midst of volatile markets. Following in the footsteps of Shanghai and Shenzhen, Hong Kong’s stock exchange could see more virtual listings in the pipeline to offset investment banks' social distancing woes.
5. Flu Fraud
Elsewhere, scammers were preying on unsuspecting victims by obtaining bank their details to nab funds based on false claims that exploit the current health crisis.
According to a local police statement, victims were most commonly approached by swindlers posing as health officials who said there were «some anomalies» regarding their wellbeing. Victims were subsequently asked to share their names, identity number and bank account details.
Phone and online scams in Hong Kong are not only still prevalent but can sometimes involve sizeable sums of money. In addition to around $420 million in halted payments of defrauded money by the local force between July 2017 and December 2019, the city also posted a record-high $7.5 million single loss by a 52-year old individual in 2016.
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