Hong Kong’s initial public offering (IPO) market has raised more than HK$140 billion (US$17.87 billion) as of April, maintaining its global lead, the city’s financial chief has said, while indicating a renewed push to develop gold trading amid rising demand for risk diversification.

Financial Secretary Paul Chan Mo-po said on Sunday that Hong Kong remained the world’s top IPO fundraising hub as of last week, citing a growing number of high-quality companies using the city’s strong financing platform to drive global expansion.

“The developments prove that despite external volatility, with the tireless efforts of the government and the industry, the momentum of Hong Kong’s financial market is unstoppable,” Chan said.

He added that the average daily turnover on the Hong Kong stock exchange had exceeded HK$280 billion since March, up slightly from HK$276.7 billion in the first quarter.

According to LSEG Data and Analytics, a total of 37 companies raised about US$13.26 billion on the exchange’s main board in the first quarter.

However, industry experts have cautioned that Hong Kong could lose its lead to the US over the full year, citing a pipeline of mega IPOs expected there, including OpenAI and Elon Musk’s SpaceX.

Meanwhile, Chan highlighted a growing shift among global investors to diversify asset allocation amid rising geopolitical risks and rapid technological change, reducing reliance on single markets or asset classes.