Hong Kong’s crown has slipped. After leading the world by the amount raised from initial public offerings from 2009 to 2011, the Chinese city is this year set to tumble down the global rankings.
Just $3.2bn has been raised from new listings in Hong Kong this year, according to Dealogic, down from $35.4bn for the whole of 2011 and a record $67.8bn in 2010. Nasdaq and the New York and Shanghai stock exchanges are leading the pack so far in 2012, with Hong Kong in seventh place.
Dealmakers are now asking whether Hong Kong can regain its crown in the coming years or whether the boom times are over. The question is important because new listings have long defined Hong Kong’s equity market and its role as a financial centre.
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