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Hong Kong IPOs’ Promising December Is Starting to Look Murky

  • China Tourism Group Duty Free suspended a $5 billion offering
  • SenseTime seeking to raise less than it initially expected

December was expected to show the return of major initial public offerings to Hong Kong after months marked by a drought of big deals, but plans are changing fast and not in a good way.  

China Tourism Group Duty Free Corp., the world’s largest travel retailer, decided on Friday to suspend a $5 billion listing, citing sluggish capital markets and the pandemic. Artificial intelligence firm SenseTime Group Inc. is downsizing its planned IPO, seeking up to $768 million compared with initial plans of raising at least $1 billion.