Night view of the Victoria Harbour in Hong Kong. (Photo/China News Service)

Hong Kong ranked first in the global IPO market in 2019, with total fundraising reaching HK$315.5 billion ($40.5 billion), 10 percent higher than in 2018, according to data released by PricewaterhouseCoopers (PwC) on Thursday.

Its main board performed strongly in 2019, with the fundraising total of 169 IPOs at HK$314.5 billion ($40.4 billion), up 11 percent from last year.

Alibaba Group’s secondary public offering raised about HK$101.2 billion ($13 billion), accounting for approximately 32 percent of total fundraising in the Hong Kong IPO market in 2019.

Alibaba's return to the Hong Kong market is expected to create more momentum there, PwC said.

It estimates that Hong Kong's IPO market will remain buoyant in 2020 and its fundraising total is expected to reach HK$230 billion to HK$260 billion.

The city has ranked among the top three in the global IPO market for seven consecutive years.