Pursuits
Billionaires Get Burnt by World’s Biggest IPO Losses in Hong Kong
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Hong Kong initial public offerings are the world’s worst performers this year, burning investors from BlackRock Inc. to billionaire Cheng Yu-tung as the city’s stock market gets battered by China’s $5 trillion selloff.
New listings in Hong Kong this year have dropped an average 28 percent from their offer prices when weighted by deal value, the most among global bourses tracked by Bloomberg. Companies accounting for 98 percent of IPO fundraising in the city this year -- or $19.7 billion of deals -- are trading below their offer prices. Every listing of at least $100 million is under water.