One of the world’s hottest initial public offering markets this year is showing signs of weakness after a number of disappointing debuts.
Roughly half of Hong Kong’s listings since the start of November have failed to rise on the first day, with signs that sponsors of IPOs have stepped in to buy shares, according to a Financial Times analysis of first-day performance.
The poor listings come at the end of a record year for the Asian financial hub, with $35bn raised in IPOs and secondary listings as of December making Hong Kong Exchanges and Clearing the top global listings venue.
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