Financial IPOs dwindle in Hong Kong
The Chinese government is cracking down on risky funding practices, which has sent ripples through the country’s more than 3,000 small banks
22 November 2019 - 11:28
Hong Kong — Right after Alibaba’s blockbuster $11bn listing in Hong Kong, consumer lender Home Credit formally scrapped its $1.5bn initial public offering (IPO) in the city, citing market conditions.
The cancellation of the share sale plan on Thursday comes as financial IPOs have dwindled in Hong Kong, partly on concerns about mounting signs of stress among small Chinese banks. Investors had pushed back against Home Credit’s targeted valuation because of a slowdown in its main markets including China and India, which could affect consumer sentiment, people familiar with the matter said...
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