Ronald W. Chan, Columnist

Hong Kong Should Cut Stock-Trading Taxes

A break for smaller companies would boost IPOs and broaden the market without hurting government revenue.

September 17, 2018 at 10:00 PM UTC

Ronald W. Chan is the founder and CIO of Chartwell Capital in Hong Kong. He is the author of “The Value Investors” and “Behind the Berkshire Hathaway Curtain.”

Xiaomi Corp. Chairman and CEO Lei Jun marks his Hong Kong listing in July: Keep the momentum going.
Photographer: Anthony Kwan/Bloomberg

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The Hong Kong Stock Exchange is poised to lead the world in IPOs. In the past eight months, the city hosted 132 initial offerings to raise a total of $23.8 billion, surpassing the $20.6 billion garnered by the New York Stock Exchange’s 40 sales.

That’s an impressive record. Now for a less impressive metric: Hong Kong trails New York in the key category of post-IPO liquidity.