Hong Kong’s IPO Market Hits New Low

Hong Kong’s stock exchange dropped to tenth place globally in the first quarter, raising only HK$4.7 billion ($600 million), according to data from Deloitte.

While the shipping industry, another economic pillar of Hong Kong, has similarly dropped from first to tenth place globally, the finance industry, one of Hong Kong’s four major industries, ranked first globally in fundraising in 2019, is shrinking faster. According to official data, the finance industry’s contribution to Hong Kong’s GDP fell to less than 20 percent in 2023.

Hong Kong IPO Market Hits 15-Year Low

According to Deloitte, as of late March, Hong Kong’s stock exchange has experienced the quietest first quarter since 2009, with only HK$4.7 billion ($600 million) raised and only 12 listings. Based on this, if the numbers for the remaining three quarters are similar, the total fundraising for the year may be less than HK$20 billion ($2.55 billion).