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How Tsingtao's IPO in Hong Kong turned on the tap for 30 years and US$1 trillion of Chinese offshore listings

Three decades ago today, a Chinese brewery founded by German settlers offered an unusual toast on the trading floor of the Hong Kong stock exchange. Instead of the typical flutes of champagne for cheering stock debuts, Tsingtao Brewery handed out glass mugs filled with its namesake beer for guests to celebrate its HK$889 million (US$114 million) initial public offering (IPO), the very first offshore share sale by a China-domiciled company. Hong Kong had never seen anything like this. The trading ....

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