Financial Secretary Paul Chan on Wednesday hinted that the city could double the funds raised for its initial public offering (IPO) market this year compared to that of last year, as optimism over the nation’s tech sector grows.

Chan made the remarks in a speech, during which he noted that the SAR will ramp up efforts to woo leading firms to list here.

"I'm pleased to report that our IPO market has regained momentum. Last year, we raised some US$11 billion, ranking fourth globally," he told participants.

"This year, we are benefiting from optimism in the tech sector, and the continued support from the central authorities in encouraging leading mainland companies to list on the Hong Kong Stock Exchange. We are expecting to raise some US$17 to $20 billion this year."

Separately, Chan noted that Hong Kong is on track to become a leading global technological and innovation centre.

He said while the city's innovation and technology sectors are growing, the transition to become a leading tech hub will not be complete without the development of the Northern Metropolis, which will link the SAR with the "innovation powerhouse" that is the Greater Bay Area.

"The Shenzhen-Hong Kong-Guangzhou science and technology cluster has been ranked second globally in innovation by the World Intellectual Property Organization for each of the past five years," Chan said.

"The Northern Metropolis will support Hong Kong's synergistic development with our sister cities in the GBA. Bordering Shenzhen and spanning nearly one third of the total landmass of Hong Kong, it comprises a 300-hectare I&T cluster that will be home to many strategic tech enterprises," he added.