Hong Kong IPOs’ Promising December Is Starting to Look Rocky

(Bloomberg) — December was expected to show the return of major initial public offerings (IPOs) to Hong Kong after months marked by a drought of big deals, but plans are changing fast and not in a good way.

China Tourism Group Duty Free Corp., the world’s largest travel retailer, decided Friday to suspend a $5 billion share sale, citing sluggish capital markets and the pandemic. Artificial intelligence giant SenseTime Group Inc. is downsizing its planned IPO, seeking just $768 million compared with initial plans to raise at least $1 billion.