IPOs in Hong Kong bring companies $650b

Eight Chinese companies raised funds of 3.99 billion yuan ($650.9 million) in initial public offerings in Hong Kong in July, according to a report by ChinaVenture Group on Wednesday.

Of the eight listed companies, Wisdom Holdings Group and New Century Real Estate Investment Trust were each backed with private equity firms Shenzhen Capital Group Co Ltd and Carlyle Group, the report said.