Hong Kong slides out of top five IPO spots

Hong Kong fell out of the top five global listing venues in the first half of this year after the fundraising amount from initial public offerings inched up 1 percent to just HK$17.8 billion, KPMG said.

It would be challenging for the city to reach the full-year fundraising projection of HK$180 billion, but the accounting firm said it would maintain its forecast.

KPMG expects the financial hub to see a major rebound in the second half of 2023, with a number of spin-off IPOs from both international and mainland companies, alongside a stable pipeline of over 110 applicants.

The newly introduced listing rules for pre-revenue or pre-profit specialist technology companies, which came into effect in late March this year, will also help boost the sentiment, KPMG added.

For the A-share market, KPMG said it would remain as one of the top listing destinations in the second half of 2023 backed by its solid pipeline of more than 1,000 applicants and China's commitment to aid economic recovery.