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120 companies await IPOs in Hong Kong

Hong Kong Exchanges and Clearing (HKEX) disclosed that 120 companies, including Chinese home appliance giant Midea Group, are awaiting IPOs in Hong Kong. HKEX CEO Nicolas Aguzin indicated that market sentiment in the coming months will be crucial for the recovery of IPO activities. Despite global market challenges and US interest rate hikes steering investors toward high-interest products, Hong Kong managed to raise HKD24.6bn from 44 IPOs in the first three quarters of 2023. However, low market liquidity and a 15.7% drop in the Hang Seng Index are concerning. To address this, the Hong Kong government has established a task force and is considering reducing stock trading stamp duty.


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