Hong Kong has dropped out of the top five global listing venues for the first half of 2023, with initial public offering (IPO) fundraising up only 1% to HK$17.8 billion, according to KPMG. The accounting firm noted it would be challenging for the city to reach its full-year fundraising projection of HK$180 billion, but it maintains the forecast, anticipating a major rebound in the second half of 2023. This optimism is driven by a pipeline of over 110 IPO applicants, including spin-offs from international and mainland companies, and new listing rules for pre-revenue or pre-profit tech firms. Meanwhile, the A-share market in China is expected to remain a leading listing destination due to its strong pipeline and China's economic recovery efforts.
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