Initial Public Offerings (IPOs) presented a tentative counter-punch to the heavy selling this week in Hong Kong prompted by a rout among property and consumer stocks.
Hong Kong stocks dropped, with the benchmark hovering around a 10-month low, as surging oil prices and US Treasury yields dimmed the global growth outlook and the abrupt trading halt of China Evergrande Group and its units dented sentiment.
Two Chinese technology companies have resubmitted their listing applications to the Hong Kong stock exchange, updated with their latest quarterly performance, but analysts said it is unlikely that they will launch their share offerings any time soon as market conditions remain sluggish.