HK IPOs at their lowest in over a decade as China cracks down

Seven companies have listed in Q2 so far, the fewest since 2009, as Beijing told 34 tech companies to rectify practices.

New Hong Kong listings are tracking at their slowest pace since the aftermath of the global financial crisis, as weaker markets and China’s clampdown on its biggest tech firms chill sentiment. Just seven companies have gone public in the second quarter so far — on track for the fewest since 2009, according to data compiled by Bloomberg. The muted second-quarter activity stands in sharp contrast to the rush to go public seen last year or even at the start of 2021. First-day performances have also struggled: May’s initial public offerings – which includes warehouse and distribution company JD Logistics Inc. and property manager Central China Management Co. – delivered the worst average debut performance in 15 months, the data show.