China and Hong Kong stocks lost nearly $5 trillion in 3 years — more than India's market cap

Stocks in China and Hong Kong sold off a massive $4.8 trillion in market capitalization since 2021, which according to HSBC, is more than the value of the Indian stock market.Despite a subdued global IPO market, research from EY showed Indian stock exchanges also had the most IPOs in 2023.

The statistic does not bode well for either China or Hong Kong, especially when the National Stock Exchange of India has only grown during the same period. Mainland China's CSI 300 index has fallen for three straight years, closing out with declines of 11.4% last year. Hong Kong'sperformed even worse, with 2023 as its fourth consecutive decline ending the year 13.8% lower. Both were the bottom performers amongChina's beleaguered property sector has been a source of worry for investors, which has also affected Hong Kong.

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