Global investors remain committed to Chinese technology companies despite concerns that SpaceX’s record-breaking initial public offering (IPO) could drain liquidity from Asian markets, according to Hong Kong Exchanges and Clearing (HKEX) CEO Bonnie Chan Yiting.

Speaking at the Lujiazui Forum in Shanghai on Wednesday, Chan said international institutions continued to view Asia – and China in particular – as a priority investment destination even after Elon Musk’s commercial space company raised a record US$85.7 billion through its Nasdaq listing.

“One profound feeling I have had is that their focus is on Asian markets,” she said. “For them, China’s rise in technological innovation is no longer an option, but their primary choice.”

Her comments sought to dispel concerns that the world’s largest-ever IPO could divert capital away from regional equities.

Since last month, investors in Asia have debated whether the blockbuster listing could divert capital away from regional technology stocks, where valuations generally remain below those of comparable US companies. The deal also helped Nasdaq overtake Hong Kong as the world’s largest IPO market this year.

SpaceX said on Monday that its underwriters had exercised their greenshoe option, boosting proceeds from the share sale to US$85.7 billion from the US$75 billion initially raised.

The listing eclipsed the previous record set by Saudi Aramco’s US$29.4 billion IPO in 2019. The amount raised was also more than double the combined US$37.2 billion generated by Hong Kong IPOs last year.