New Hong Kong listings are tracking at their slowest pace since the aftermath of the global financial crisis, as weaker markets and China’s clampdown on its biggest tech firms chill sentiment.
China’s top-three tech firms Tencent Holdings Ltd., Alibaba Group Holding Ltd. and Meituan have lost more than $400 billion in value from highs just four months ago.
New Hong Kong listings are tracking at their slowest pace since the aftermath of the global financial crisis, as weaker markets and China’s clampdown on its biggest tech firms have chilled sentiment.
Just seven companies have so far gone public in the second quarter, on track for the fewest initial public offerings (IPOs) since 2009, Bloomberg data showed.
The muted second-quarter activity stands in sharp contrast with the rush to go public seen last year or even at the start of this year.
First-day performances have also struggled: IPOs last month including warehouse and distribution company JD Logistics Inc (捷德國際物流) and property