Hong Kong IPOs Are Set to Become Asia’s Worst Performers in 2021
- Stocks that listed this year in H.K. are down 19% on average
- Market was hit by China’s clampdown on several sectors
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Hong Kong’s newly listed companies are set to become Asia’s worst performers this year amid China’s crackdown on various sectors.
Companies that went public in the city after initial public offerings of at least $100 million are down almost 20% on average from IPO prices, according to data compiled by Bloomberg. That compares with gains of 40% in South Korea, 32% in India and 86% in mainland China, where new stocks often climb due to a tight system for IPO approvals that puts limits on valuations.