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KPMG slashes Hong Kong’s 2024 IPO estimate



KPMG cut its forecast for Hong Kong’s new listing fundraising by 40% to HKD60bn (USD7.7bn) for this year, despite improved market sentiment. The initial optimistic prediction of HKD100bn was revised after only HKD11.6bn was raised in 27 deals during the first half of the year. Louis Lau, a partner in KPMG China’s capital markets advisory group, attributed the lowered estimate to the US Federal Reserve’s delay in cutting interest rates. However, Lau expects better market performance in the second half. The technology, media, telecom (TMT), consumer markets, and healthcare/life sciences sectors led in fundraising. Irene Chu of KPMG China noted a positive shift in Hong Kong’s IPO market, supported by measures from the China Securities Regulatory Commission. KPMG also downgraded the number of expected listings to 80 from 90.

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