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China Investors Evade Capital Controls to Buy Hong Kong IPOs Bloomberg 2/5/2021 Bloomberg News (Bloomberg) It’s not hard to find reasons why cash is pouring into Hong Kong initial public offerings at a record pace: rock-bottom interest rates, frothy markets, pandemic boredom. But one of the biggest factors behind the frenzy often goes overlooked: the growing willingness of Chinese investors to evade capital controls as regulators turn a blind eye. Hong Kong IPOs are technically off limits to investors from mainland China, where annual foreign-exchange purchases by individuals are capped at $50,000 and residents must pledge they won’t put the money in offshore securities. While workarounds have existed for years, anecdotal evidence suggests their use has spiked in recent months as investors pile into hot new offerings from the likes of Kuaishou Technology.

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