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☆ Hong Kong's IPO market is still in a slump despite an expected rebound
▼ + stars: | 2023-11-06 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Hong Kong Street Scene, Mongkok District with busses Nikada | E+ | Getty ImagesHong Kong's initial public listing market remains in a slump, even as analysts predicted a market rebound in the second half of the year. "The Hong Kong market has not recovered as much as we would like," Irene Chu, partner at KPMG China, told CNBC. In the first three quarters of the year, the Hong Kong IPO market concluded 44 listings, and raised 24.6 billion Hong Kong dollars ($3.14 billion), according to KPMG. Hong Kong's stock market was among the worst performing last year, shedding 15% in 2022 for its third-straight year of declines. "The Hong Kong stock market remained weak in Q3 2023, as did stock valuations, because of macroeconomic developments, in particular around U.S. interest rate hikes.

Persons: Irene Chu, Hong, Ringo Choi, EY, Zhejiang Leapmotor, Arun George, It's, Chu Organizations: Hong, KPMG China, CNBC, Hong Kong, KPMG, Hang Seng, J, T Express, Reuters, Deloitte, Hong Kong's, ZJLD, Onewo, Global Equity Research, International Monetary Fund Locations: Hong, Mongkok District, Hong Kong, Ringo Choi Asia, Pacific, Asia, Indonesian, Zhejiang, China, Shanghai, Shenzhen, KPMG China, —

☆ Shares of Tencent-backed J&T Express fall in lackluster Hong Kong debut
▼ + stars: | 2023-10-27 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

The logistics service provider traded at 11.84 Hong Kong dollars ($1.51) on Friday morning, after opening at HK$12. The HK$3.92 billion ($500 million) IPO is the second largest listing in Hong Kong this year, after premium Chinese liquor company ZJLD Group . J&T Express is listing in an uncertain economic environment, characterized by hiking inflation, high interest rates and ongoing conflict such as the Israel-Hamas war and Ukraine invasion. Hong Kong's global IPO ranking dropped to eighth following a historically slow third quarter," said KPMG in a report published on Oct. 9. "The IPO pricing is dropping significantly by more than 50% or even 70%."

Persons: Irene Chu, Ringo Choi Organizations: T Express, Hong, HK, ZJLD Group, KKR, SF Express, Temasek, T, KPMG, KPMG China, CNBC, Reuters . Companies Locations: Hong Kong, U.S, Sequoia, Israel, Ukraine, Asia, Pacific

☆ Hong Kong's IPO market expected to rebound in 2023, but the biggest one so far flopped in its debut
▼ + stars: | 2023-05-05 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Hong Kong's largest IPO so far this year flopped last week suggesting the market still needs time to rebound, despite positive signs pointing to a recovery. "The sentiment in the IPO markets has not built up yet," Ringo Choi, Asia-Pacific IPO leader at EY, told CNBC. We still need some time," said Robert Lui, Hong Kong offering leader of Deloitte China's Capital Market Services Group. Hong Kong's stock market was among the worst-performing last year, shedding 15% in 2022 for its third-straight year of declines. Chinese companies tend to launch secondary listings in Hong Kong as another venue to access investors and capital.

SYDNEY, April 27 (Reuters) - Chinese spirit maker ZJLD Group's (6979.HK) shares opened 17% lower in their trading debut on Thursday, after it completed the largest new share sale in Hong Kong this year. The KKR-backed company raised $675.2 million last week in the biggest new share sale in Hong Kong since CALB Group Co (3931.HK) raised $1.3 billion in October. ZJLD shares opened at HK$9 compared to the issue price of HK$10.82 each. MedSci Healthcare Holdings (2415.HK) shares dropped 1.1% on Thursday when its shares also debuted in Hong Kong after it raised $77 million last week. Institutional investors subscribed for 3.9 times the amount of ZJLD shares on offer in that tranche, according to the firm's filings, which was above many other Hong Kong IPOs this year.

☆ China baijiu maker ZJLD Group seeks up to $812 million in Hong Kong's largest IPO in 2023
▼ + stars: | 2023-04-16 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +2 min

There is also a so-called "greenshoe" option to sell another 73 million shares that could raise an extra $122 million, according to the filings. Baijiu is considered China's national liquor and is the world's most consumed liquor, according to ZJLD's prospectus. Its market share in China is greater than wine's market share in France and beer's market share in the U.S., according to its documents. KKR owns a 16.2% stake in the company, which would fall to 13.8% after the IPO, Hong Kong's largest since Chinese lithium battery maker CALB Group Co (3931.HK) raised $1.3 billion in October. ($1 = 7.8493 Hong Kong dollars)Reporting by Harshita Swaminathan; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

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