Hong Kong's IPO market withers as billion-dollar listings lapse

Bloomberg
Bloomberg10/17/2021 01:36 PM GMT+08  • 3 min read
Hong Kong's IPO market withers as billion-dollar listings lapse
With US$37.7 billion raised so far, this year is on track to be one of the best of the last decade.
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Hong Kong’s primary-listing market is going through a dry patch in what is normally the busiest time of the year.

Several potential billion-dollar initial public offerings ranging from supermarket owner WM Tech Corp to health-care startup We Doctor Holdings have let their applications lapse in recent weeks as regulatory scrutiny and stock market weakness crimps listings.

Large IPOs falling by the wayside are a further sign of how China’s regulatory onslaught is causing a downturn in the financial hub’s market for first-time share sales. President Xi Jinping’s push to align companies with his vision of “common prosperity” has caused a roadblock and Hong Kong equity benchmarks are the world’s worst this year.

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