China’s Tech Crackdown Is Cooling Hong Kong’s IPO Market
- May’s IPO debuts have been the worst since Feb. 2020
- Valuations are already starting to fall, say bankers
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New Hong Kong listings are tracking at their slowest pace since the aftermath of the global financial crisis, as weaker markets and China’s clampdown on its biggest tech firms chill sentiment.
Just seven companies have gone public in the second quarter so far -- on track for the fewest since 2009, according to data compiled by Bloomberg. The muted second-quarter activity stands in sharp contrast to the rush to go public seen last year or even at the start of 2021.