The record of initial public offerings on the Hong Kong Stock Exchange in 2009 has been lacklustre in spite of the market raising more funds than in any other year through such issues.
More than half of the 20 biggest deals this year, which raised a combined $26.4bn, are trading below their offer prices. The same companies have also lagged the market since listing.
The proportion of flops has been unusually high this year, which bankers said might make investors more discriminating about what they buy in 2010.
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