In the global race to host initial public offerings, there has been a notable laggard this year — Hong Kong.
The Asian financial hub has ranked first in IPO fundraising for four out of the past seven years. But the most recent year it did so was in 2019. And this year it has failed to even make it into the top 10 global exchanges.
For a place that used to cite its IPO rankings as a sign of its vitality as a financial centre, it has been quite a come down, even in a global financial system where the value of IPOs has fallen 70 per cent in the first five months of the year. It is a decline felt particularly hard by the territory’s bankers and financial advisers as the flow of deals in general has dried up.
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