On the face of it, Hong Kong’s market for new equity listings has perked up.
Deal volume in the year to date is at its highest since 2010, while retail investors have finally returned. But, with many of the recent deals faring poorly in secondary trading, and China’s equity rally losing steam, the market for new offerings may stall before it gets out of first gear.
So far this year Hong Kong has seen six deals, which have together raised $788m, compared with $452m by this time last year and $256m in 2011, according to Dealogic. Retail activity has also picked up, with heavy oversubscription in a number of offerings.
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