, Columnist
Hong Kong’s IPO Takeoff Is Running Out of Runway
Repeated flops are causing investor fatigue.
For whom the bell tolls: Xiaomi’s IPO debut.
Photographer: Anthony Kwan/BloombergThis article is for subscribers only.
Brace, brace. Hong Kong’s IPO takeoff is going to come to a screeching halt.
There’s a flood of deals still in the pipeline, it’s true, from food delivery giant Meituan Dianping to biotech unicorn Innovent Biologics Inc. But investor fatigue is setting in, with many of the hot sales that helped to reignite the market in the past year trading below their offer prices or showing lackluster gains.