Hong Kong's IPO market remained weak in the third quarter of 2023, according to companies in the Big Four.
The recent IPO debut of J&T Express, a Tencent-backed Indonesian logistics service provider was lackluster. Shares opened flat and subsequently fell 1.33% in Friday morning trade."The Hong Kong market has not recovered as much as we would like," Irene Chu, partner at KPMG China, told CNBC. "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. Many IPO candidates continue to wait-and-see for a turnaround in market valuations while preparing and planning their offerings," said
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