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Hong Kong drops out of top five global IPO venues

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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