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Chinese investment banks in Hong Kong reduce staff

Some Chinese investment banks have reduced staff in Hong Kong, amid a plunge in new listings, despite expectations for an improved second half. Haitong International and Guotai Junan International reportedly reduced staff in Hong Kong with the latter having laid off several fixed income and IPO principals earlier this month. China Merchants Bank International, which previously reportedly cut at least five investment bankers, laid off about 10 staff in the last month. While most onlookers are expecting improvements in H2 2022, Hong Kong is currently undergoing a major IPO drought. The Hong Kong Exchanges and Clearing has registered a total of 21 new listings on the main board which raised about HKD17bn (USD2.2bn), as of end-May, down about 91% year-on-year.

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