Hong Kong’s stock market is on track for its worst quarter for new listings since the earliest days of the Covid-19 pandemic, after a regulatory crackdown on Chinese technology groups stifled the flow of lucrative share sales vital to the city’s exchange.
Bankers had expected Hong Kong to pick up the slack after Beijing made its aversion to US listings clear with a crackdown on Didi Chuxing straight after the ride-hailing company’s US market debut in June.
But bankers and analysts say continued uncertainty over the status of Hong Kong as a listings destination in the eyes of Beijing, along with a host of other factors, has stalled those plans.
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