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(Reuters) -Drugmaker Bristol Myers Squibb said on Friday it will acquire privately held cell therapy developer Orbital Therapeutics for $1.5 billion in cash. The deal adds to Bristol's CAR T-cell therapies, with Orbital's lead experimental candidate OTX-201 that is designed to target autoimmune diseases. CAR-T therapy involves genetically modifying a patient's own immune cells to better recognize and attack specific disease-causing cells in the body. "With the acquisition of Orbital Therapeutics…we have an incredible opportunity to make CAR T-cell therapy more efficient and accessible to more patients," said Lynelle B. Hoch, president, Cell Therapy Organization, at Bristol Myers. (Reporting by Christy Santhosh in Bengaluru; Editing by Vijay Kishore)

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(Reuters) -Drugmaker Bristol Myers Squibb said on Friday it will acquire privately held cell therapy developer Orbital Therapeutics for $1.5 billion in cash. (Reporting by Christy Santhosh in Bengaluru; Editing by Vijay Kishore)

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BRUSSELS (Reuters) -The European Commission is scrutinising safeguards for minors on Snapchat, YouTube, the Apple App Store and Google Play under its Digital Services Act, it said on Friday. (Reporting by Charlotte Van Campenhout, Editing by Benoit Van Overstraeten)

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By Anna Szymanski LONDON (Reuters) -By Anna Szymanski, ROI Editor-in-Charge, and the ROI team  Hello Morning Bid readers!  Warnings about a stock market bubble grew louder this week, with the Bank of England, IMF and JPMorgan boss Jamie Dimon all expressing concern about the potential economic fallout if Wall Street were to suddenly stop defying gravity. Meanwhile, another epic rally – the runup in gold above $4,000 per ounce – stalled on Thursday, likely reflecting profit-taking following the yellow metal’s more than 50% rise this year. ROI editor-at-large Mike Dolan this week took a look at the twin rallies in equities and gold, noting that investors may be eager to chase artificial intelligence stocks higher, but they are also hedging fears of a prolonged inflation burst due to lax monetary and fiscal policy in many advanced economies. If you want to understand why governments across the developed world have turned so dovish, ROI markets columnist Jamie McGeever argues you might take a look at a chart that IMF Managing Director Kristalina Georgieva recently spotlighted about the decline in economic mobility. Meanwhile, the U.S. government shutdown has entered its second week. One of the biggest concerns for markets has been the delay of important economic data releases, like monthly jobs figures. But Jamie McGeever argues that investors may not need official data. If they want to know how the economy is doing, they can just look at the stock market. In energy markets, oil prices rose early in the week on news that the latest OPEC+ supply increase was smaller than expected. However, ROI Energy Columnist Ron Bousso warns that – regardless of the size – the continued oil output increases are eroding OPEC+’s spare production capacity, a vital cushion that has helped to mitigate volatility in recent years. Oil prices then fell on Thursday, as a ceasefire deal was agreed to by Israel and the Palestinian militant group Hamas.   Geopolitical conflict remains a serious risk to energy markets, however. Ron Bousso points out that Russia's heavy bombardment of Ukraine's natural gas infrastructure ahead of winter could have a knock-on impact on Europe's energy market. On the renewables side, ROI Energy Transition Columnist Gavin Maguire highlights the extent of China’s clean energy dominance and explains why Texas's main power generation system is on track for a rare contraction in fossil fuel-fired generation this year. And, finally, over in the metals world, ROI Metals Columnist Andy Home discusses the impact of Indonesia’s crackdown on illegal tin mining and then explores how the Democratic Republic of Congo is seeking to tame the notoriously volatile cobalt market. As we head into the weekend, check out the ROI team’s recommendations for what you should read, listen to, and watch to stay informed and ready for the week ahead. I’d love to hear from you, so please reach out to me at This weekend, we're reading… ANDY HOME, ROI Metals Columnist: My most interesting read this week is a Rand research paper on deep-sea mining, an area receiving a lot of interest as the world searches for more battery metals to power the energy transition. There are undoubtedly rich deposits below the oceans, but the problem is, who's going to process them into metal? RON BOUSSO, ROI Energy Columnist: I recommend the IEA's outlook for renewables, published this week. The headline growth forecast anticipates enormous expansion of renewables over the next five years, particularly in solar power. However, the report also reveals the challenges the sector faces due to U.S. President Donald Trump's hostility towards renewables and the impact of rising costs on the offshore wind sector.  GAVIN MAGUIRE, ROI Global Energy Transition Columnist: This recent Reuters analysis explains why rising tungsten prices are causing a fresh headache for U.S. oil drillers. U.S. energy firms are already feeling the sting of inflation as their overall extraction costs rise, and now Chinese export controls on this ultra-hard metal, which is used for drill bits, is making things worse, We're listening to… MIKE DOLAN, ROI Financial Markets Editor-at-Large: Brookings’s latest weekly podcast looks at why U.S. tariffs and retaliatory measures by other countries are putting pressure on the dollar’s place at the heart of world monetary system.  ANNA SZYMANSKI, ROI Editor-in-Charge: A gaping hole in the national finances is at the heart of France’s political crisis. Can a tax on the super-rich help? In the latest episode of Reuters Econ World, Carmel Crimmins talks to Paris-based senior correspondent Leigh Thomas and Francesco Canepa, senior European economics correspondent, about the pros and cons of taxing wealth.  And we're watching… JAMIE MCGEEVER, ROI Markets Columnist: In this WealthWise vodcast, ⁠Bob Elliott⁠, CEO and CIO of ⁠Unlimited Funds, gives his views on the sustainability of the current market rally and how to diversify. Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X.  Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Anna Szymanski.)

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By Lucy Raitano, Naomi Rovnick and Amanda Cooper LONDON (Reuters) -Investors are testing well-established views about gold, which is surging to new records, as an AI-driven stocks rally and red-hot bitcoin force a rethink of what's driving one of the world's oldest asset classes. Gold topped $4,000 an ounce for the first time this week and with a 53% gain in 2025, is heading for its best year since 1979, trouncing bitcoin's 30% rise and the 15% increase in the S&P 500 plus its array of tech titans. Typically, the metal thrives when investors fret over inflation, economic slowdown or potential market turmoil. Conversely, when investors' risk appetite improves, it tends to lag shinier alternatives that do not require extra cash to store or insure them. That dynamic was at play in 1980, when gold surged as U.S. inflation peaked above 13% and tanked the economy and stocks, and in early 2008, when the global financial crisis wiped 32% off Wall Street shares in six months. GOLD AND STOCKS' UNUSUAL TANDEM TRIP But gold is now soaring together with stocks and bitcoin, as investors bet heavily on U.S. rate cuts and concern grows about the dollar's role as the world's top reserve currency. "When you have a paradigm shift in how the current economic system is working, we’ve found in history that people always move to gold," said Pictet senior multi-asset strategist Arun Sai. "Think of it as the ultimate debasement hedge." Political drama is rife, France's budget problems and concerns about the independence of central banks are unnerving investors, while war in Ukraine continues and the first signs of a Gaza peace deal are emerging. The artificial intelligence boom is driving Wall Street, raising concerns of a bubble, while President Donald Trump's big spending plans, along with his tariffs and attacks on the Fed have undermined Treasuries and the dollar, which is down 10% against other major currencies this year. JPMorgan Chase CEO Jamie Dimon reckons there is a heightened risk of a significant U.S. stocks correction within the next six months to two years. Tariffs have further stoked fears of inflation, another bullish factor for gold.   "It feels like we are at an inflection point for inflation," said Michael Metcalfe, head of macro strategy at State Street. Anxiety about Fed independence and inflation could be two sides of the same story for gold, because of the notion that the world's most influential central bank may stand by as tariff-driven inflation intensifies. Inflation across the G7 group of richest nations averaged 2.4% in September, versus 1.7% 12 months ago and most of their central banks are either cutting rates or standing pat. Trump, meanwhile, has volleyed insults at Fed chair Jerome Powell, is attempting to sack one Fed official and nominated ally Stephen Miran as a governor. Since August, gold has jumped by about 20%. SPILLOVER FROM STOCKS TO GOLD The U.S. labour market is slowing, but other economic indicators are resilient, while inflation expectations are rising. Traders anticipate U.S. rate cuts into 2026, helping equities and gold. Rhona O’Connell, head of market analysis, EMEA and Asia at StoneX, says the "efficient frontier" partly explains why gold is up in tandem with stocks. The sweet spot is where a portfolio manager generates the most return for the amount of risk they will tolerate. Gold often moves inversely to stocks, making it a good risk mitigator, she said. When gold rises, managers can add some to their holdings to offset the risk of stocks falling, while bagging extra return. "When you’ve got equities on a massive great tear like this, some of that additional value in the equity markets will spillover into additional gold holdings," O'Connell said. Gerry Fowler, head of equity strategy at UBS, flagged increased retail demand as reading across to the gold price. "Every time somebody puts more money into the gold ETF, the ETF has to then go buy physical gold," he said, adding that this is not the only part of the market where what he dubbed "bubbly behaviour" and "retail enthusiasm" is showing up. AN AI HEDGE Growing worry over a possible AI-driven stocks crash, with the Bank of England and the IMF voicing concern, means gold is serving as a hedge for that too. "People are equally bullish about AI as they are about gold," Trevor Greetham, head of multi-asset at Royal London Asset Management, said. "If there were a deep recession and a crash in AI you might find gold goes up another leg." Gold's rise has been mostly down to waning confidence in the dollar. Central banks have been avid buyers, now holding about a quarter of their reserves in bullion, one way of shifting away from the dollar. Nutshell Asset Management CIO Mark Ellis said he expected the trend to continue, as U.S. tariffs prompt exporters to seek new markets, thereby reducing their reliance on the dollar.  His main take on the latest gold boom? "It's Donald Trump," he said.  (Reporting by Amanda Cooper, Lucy Raitano and Naomi Rovnick; Editing by Dhara Ranasinghe, Veronica Brown and Ed Osmond)

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By Rajesh Kumar Singh and Doyinsola Oladipo CHICAGO/NEW YORK (Reuters) -Spirit Airlines' financial troubles reveal that going upscale is not a panacea for the challenges facing low-cost carriers, which are grappling with mounting operating costs, changing customer preferences and stiff competition from the Big Three U.S. airlines. After emerging from bankruptcy protection in March, Spirit tried to rebrand itself and focus on more affluent travelers to turn its business around. But within six months, the Florida-based airline filed for bankruptcy again, underscoring the limits of a strategy that is being replicated across the low-cost sector with similarly mixed results. A post-pandemic runup in wages, aircraft lease costs and other operating expenses has eroded the cost advantage that low-cost airlines once relied on. At the same time, inflation has hit their core customer base harder, while the Big Three – Delta, United, and American – have deployed larger aircraft and expanded basic economy offerings to compete directly for price-sensitive travelers. The result is a squeeze from both ends: rising costs and shrinking market share. MARGINS UNDER PRESSURE Spirit's strategic shift was aimed at tapping in to rising demand for premium travel and building a high-margin revenue stream to offset rising costs. Frontier Airlines, its closest peer, has followed suit by adding first-class-style seating and expanding loyalty perks. Breeze Airways, founded by JetBlue veteran David Neeleman, also offers bundled amenities and larger seats at lower prices than legacy carriers. But Spirit's quarterly revenue fell 20% amid a sharp drop in passenger volume, while non-fuel operating costs surged. The airline posted a $246 million loss in the June quarter. Frontier lost $70 million. Spirit's operating expenses in the June quarter totaled 118% of revenue, up from 84% in 2019. Frontier's expenses hit 108%, a 24-percentage-point jump from before the pandemic. Full-service carriers are also facing cost pressures, but their diversified revenue streams have helped shield margins and outperform the broader industry. Neeleman, CEO of Breeze Airways, attributed the troubles at budget airlines to a direct competition with the legacy airlines. In an interview, he said smaller carriers like Breeze and Allegiant have been making money as they mostly operate on nonstop routes with no competition.          BIG THREE MUSCLE IN Delta, United and American have used higher-capacity aircraft on domestic routes to compete more effectively for budget-conscious travelers. Their basic economy fares, once seen as a niche offering, now account for a growing share of ticket sales. United's basic economy made up 15% of domestic sales last year, up 2 points from 2023. Its chief commercial officer, Andrew Nocella, has called the basic economy offering a "home run" for the airline.  "The proliferation of basic economy was the thing that really hurt," Neeleman told Reuters. At a congressional hearing last month, Frontier CEO Barry Biffle accused legacy carriers of using loyalty programs to subsidize basic economy fares and urged lawmakers to remove barriers that prevent budget airlines from competing on equal footing. "Too many gates are locked, and too many doors are closed," he said. PREMIUM PIVOT RUINS LOW-COST SIMPLICITY Spirit's tiered fare model now includes priority boarding, complimentary snacks and drinks, streaming Wi-Fi, and free checked bags – features once unthinkable for a carrier known for bare-bones service. Frontier has similarly upgraded its offerings and streamlined customer service. But analysts say the shift adds operational complexity and dilutes the simplicity that made low-cost carriers viable. Their premium offerings also pale in comparison with those of legacy airlines. "Have you seen anywhere an example of an airline that has sought to reposition itself up in the value chain and succeeded in surviving?" said John Grant, senior analyst at travel consultancy OAG. Spirit and Frontier declined requests for interviews for this story.  BRAND PERCEPTION STILL A DRAG Discount airlines also face a complex branding challenge when courting high-value travelers as they have built a reputation for "nickel-and-diming" customers. Spirit and Frontier ranked last in J.D. Power's customer satisfaction survey this year. A U.S. Senate report found both the airlines paid $26 million in incentives to staff between 2022 and 2023 to enforce bag policies. "The only reason why people are buying them is because they're basically coupon-clipping," said Michael Taylor, senior managing director at J.D. Power. Both carriers have taken steps to soften their image. Spirit and Frontier have eliminated standard change and cancellation fees on many fares. Frontier has extended flight credit validity, streamlined boarding, and reinstated live phone support for elite loyalty members. Still, some travelers remain unconvinced. Lesly Simmons, a San Francisco-based tech marketing professional, said she paid twice for a checked bag on a Frontier flight and never received a refund. "I couldn't imagine why I would turn away from an established airline that has treated me quite well over the years to an airline that hasn't," said Simmons, who frequently flies with United. (Reporting by Rajesh Kumar Singh in Chicago and Doyinsola Oladipo in New York; Editing by Joe Brock and Matthew Lewis)

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(Reuters) -Several cargoes of BHP iron ore were put up for sale in China on Thursday and at least one was sold to a local trader, potentially defusing concerns in Australia that Beijing had imposed a ban on iron ore sales from the world's biggest miner. BHP sold a 170,000-metric-ton cargo to a Chinese trader on Thursday, the first day of trading after China's week-long national holiday, according to two traders with direct knowledge of the matter. The cargo was paid for in dollars, they said. The same day, the Shanghai branch of China Mineral Resources Group (CMRG) – set up in 2022 to centralise iron ore purchasing and win better terms from miners – offered eight cargoes of BHP iron ore totaling 1.14 million tons to steelmakers, according to an offer sheet reviewed by Reuters. AUSTRALIAN FEARS OF CHINESE BAN ON ITS IRON EXPORTS Bloomberg reported last month that CMRG had told major steelmakers and traders to temporarily halt purchases of all new BHP cargoes, escalating an earlier pause on purchases of BHP's Jimblebar fines product, a type of iron ore, during a standoff in negotiations over new term contracts. That news triggered fears in Canberra that China was preparing a ban on Australia's most profitable export, much as it did with coal and other commodities in 2020. While CMRG told steelmakers last month during negotiations with BHP not to buy BHP's Jimblebar fines, purchases of other grades of iron ore can be made with permission from CMRG, two other sources with direct knowledge of the matter told Reuters. TRADE IN BHP'S JIMBLEBAR FINES STILL FROZEN None of the cargoes sold or offered on Thursday were Jimblebar fines, whose trade remains frozen according to all four sources. Reuters could not determine when CMRG bought its cargoes from BHP or how many cargoes have been sold.  CMRG did not respond to Reuters' emailed request for comment. A BHP spokesperson said that BHP does not comment on commercial negotiations. Jimblebar is a small but liquid product, with roughly 40 million tons a year produced, for which a limited shortage would be unlikely to trigger a rally in iron ore prices, the two trader sources said. Rio Tinto's flagship Pilbara fines product could also act as a substitute, they added. Last week, BHP CEO Mike Henry doused concerns about CMRG's decision in talks with Australian Treasurer Jim Chalmers, according to local media, saying the move was part of commercial negotiations. The Treasurer's office did not respond to a request for comment.  (Reporting by Reuters staff in Beijing and Melbourne; Editing by Joe Bavier)

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(Reuters) -Venture Global shares slumped 17% in premarket trading on Friday after BP won its arbitration case against the U.S. supplier over its failure to deliver liquefied natural gas under a long-term supply deal that was due to start in late 2022. The International Chamber of Commerce International Court of Arbitration found that it had breached its obligations to declare commercial operations had begun at the Calcasieu Pass plant in a timely manner and act as a "reasonable and prudent operator," Venture Global said on Thursday. BP, Shell, Edison and Galp had filed arbitration claims accusing the U.S. company of profiteering by selling LNG commissioning cargoes at higher spot market prices, rather than at long-term contracted prices. The ruling marks a setback for Venture Global, which had previously prevailed in the arbitration brought by Shell. RBC Capital Markets analyst Elvira Scotto said the unfavorable result in the BP case was "somewhat of a surprise" and could rekindle investor concerns associated with the pending arbitration proceedings. BP is seeking to recover damages of more than $1 billion plus interest, costs and attorneys' fees, which will be determined at a separate hearing expected in 2026. Venture Global's shares have dropped about 48% since its January 24 debut, giving it a market capitalization of roughly $30.5 billion as of last close. (Reporting by Vallari Srivastava in Bengaluru; Editing by Sriraj Kalluvila)

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By Marc Jones LONDON (Reuters) -Breathless bulls took a break on Friday as record-setting stocks and gold prices dipped and the dollar headed for its best week in over a year after a run of falls for the yen and euro. A day after a historic ceasefire between Israel and Hamas, the political developments were still coming thick and fast – and continuing to move markets. Japan's yen was jolted out of its slide and the Nikkei dropped 1% on news the Komeito party was quitting its coalition with the Liberal Democratic Party (LDP). [/FRX] That raised doubts over still-to-be-confirmed new Prime Minister Sanae Takaichi, whose pledges of major fiscal stimulus and calls for the Bank of Japan to hold off rate hikes have sapped the yen and lifted the Nikkei 6% until Friday. "If Takaichi doesn't become prime minister, or at least can't govern effectively, you don't really have much of a 'Takaichi trade'," said Chris Scicluna, head of research at Daiwa Capital Markets Europe. European markets also saw a low key start [.EU] as traders there waited to see whether France's President Emmanuel Macron can find a way out of his country's political crisis. He is expected to name his sixth prime minister in under two years later, a personality who faces the vexing mission to steer a belt-tightening budget through a deeply fragmented parliament. The pan-European STOXX 600 was steady at 571 points, heading for a third straight weekly gain. The CAC 40 in Paris was up 0.3% on the day along with the euro, although that is set for its worst week since July. [/FRX] The yield gap between 10-year French government bonds and uber-safe German Bunds — a market gauge of the risk premium investors demand to hold French debt — was also back at 80 bps having surged to 88 bps earlier in the week. "At the moment the market is happy," Daiwa's Scicluna said, referring to the prospect of the French crisis easing. "Next year could well be another very different situation though," he added, referring to if it all falls apart again. "Spreads could break out to the highest levels since Mario Draghi's 'whatever it takes' speech," he said, referring to then ECB President Draghi's speech in 2012 aimed at ending the euro crisis. RARE EARTH CURBS U.S. stock futures found a bottom in Europe, with corporate earnings season for the third quarter due to kick off on Wall Street next week. S&P 500 e-minis were up 0.1%, while the U.S. dollar index, which measures the greenback's strength against a basket of six currencies, was on course for a 1.6% weekly rise, its best since November, despite a 0.2% dip on the day. Chinese stocks had tumbled 1.4% overnight meanwhile, after Beijing expanded its rare earths export controls on Thursday, tightening control over the sector ahead of talks between Presidents Donald Trump and Xi Jinping.  Beijing also ramped up enforcement of its chip import restrictions, aiming to reduce domestic technology companies' dependence on U.S. products such as Nvidia's artificial intelligence processors, the Financial Times reported on Friday. Reuters could not immediately verify the report. With the U.S. government still in shutdown mode, the yield on the benchmark 10-year Treasury bond fell to 4.12% compared with its U.S. close of 4.14%. Traders expect the Federal Reserve will cut U.S. interest rates again on October 29, with Fed funds futures pricing a 94.6% probability of a 25-basis-point rate cut, according to the CME Group's FedWatch tool. ALL THAT GLITTERS Gold edged back up to $4,000-an-ounce in Europe, having seen a brief bout of selling after topping the threshold for the first time ever this week. Silver which has risen even more than gold this year was also back above the $50 mark that it breached for the first time on Thursday. [GOL/] Multiple factors aided the rally, including geopolitical risks, robust central bank buying, exchange-traded fund inflows, expectations of U.S. rate cuts, and trade-related uncertainties. In energy markets, Brent crude slid 0.7% to $64.72 per barrel, after Israel's government ratified a ceasefire with the Palestinian militant group Hamas on Friday, clearing the way to suspend hostilities in Gaza within 24 hours and free Israeli hostages held there in days.  (Additional reporting by Gregor Stuart Hunter in Singapore; Editing by Susan Fenton)

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By Julie Zhu and Liam Mo HONG KONG/BEIJING (Reuters) -Chinese humanoid robot maker AgiBot plans to launch an initial public offering in Hong Kong next year, eyeing a valuation of HK$40 billion to HK$50 billion ($5.14 billion to $6.4 billion), sources with knowledge of the matter said. AgiBot's listing plans, backed by investors such as Tencent and HongShan Capital Group (HSG), comes as Beijing steps up efforts to develop automation to address its aging population and bolster its position in robotics amid escalating technological competition with the United States. The Shanghai-based company appointed China International Capital Corp Ltd (CICC) and CITIC Securities earlier this year to lead its Hong Kong listing, the sources said. Morgan Stanley has joined the effort in recent weeks, two of the sources added. According to PitchBook, it reached a valuation of $2.07 billion as of March. The company is expected to issue 15%-25% of its shares, one of the sources said. AgiBot plans to file a preliminary prospectus early next year, two of the sources said, with one adding that the firm aims for a public listing by the third quarter of 2026. Details of the IPO, including its timeline, offering size and valuation are subject to change, the sources cautioned, declining to be identified as the plan is not public yet. Reuters is reporting for the first time AgiBot's listing plans, the valuation target and appointed banks. AgiBot and Morgan Stanley declined to comment. CICC and CITIC did not respond to emailed queries from Reuters. Hong Kong Exchanges and Clearing Ltd (HKEX), the city's exchange operator, declined to comment on individual companies or their transactions. ROBOTS IN VOGUE Founded in 2023 by former Huawei employees Deng Taihua and Peng Zhihui, Agibot gained prominence after Chinese President Xi Jinping inspected the company's robots during a visit to Shanghai earlier this year. The company produces humanoid robot series called Yuanzheng and Lingxi, as well as data collection tools used for model training, which it also sells externally. The company aims to deploy its humanoid robots across various sectors including manufacturing and logistics. At its data collection site in Shanghai, the company trains its robots to carry out tasks such as folding clothes, making coffee and washing toilets. In August, Agibot announced a partnership worth tens of millions of yuan with automotive parts maker Fulin Precision Engineering to deploy nearly 100 Yuanzheng robots at Fulin's factories. In the same month, the company also completed a strategic financing round with investors including LG Electronics and Mirae Asset. Chinese automaker BYD and asset manager Hillhouse Investment are also among its investors, according to corporate database Qichacha. The plan would make Agibot one of a handful of humanoid robot companies seeking to tap the capital markets, as the sector attracts dozens of new Chinese startups as well as large established firms such as home appliance maker Dreame Technology and smartphone seller Xiaomi. AgiBot's IPO would follow Ubtech Robotics, the first humanoid robot company to list in Hong Kong in late 2023. Ubtech's shares have surged 150% this year, outperforming the Hang Seng Index, which has risen 32%. Rival Unitree Robotics is targeting a valuation of up to 50 billion yuan ($7 billion) for its planned IPO on Shanghai's STAR board, Reuters reported last month. Hong Kong, fuelled by an influx of Chinese companies, has emerged as the leading global bourse by volume of IPOs and second listings combined this year, surpassing the New York Stock Exchange, according to data from LSEG. More than 270 companies have filed publicly for initial or second listings in the city as of Friday, according to the Hong Kong Exchange. Total funds raised from such offerings, predominately by Chinese companies, have reached nearly $24 billion so far this year, exceeding $11.3 billion in all of 2024, LSEG data showed. ($1 = 7.7808 Hong Kong dollars) (Reporting by Julie Zhu and Liam Mo; Editing by Brenda Goh and Jacqueline Wong)

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