FINANCE

Hong Kong IPOs Face Liquidity Test as Share Supply Surges

Published: Oct. 29, 2026 4:05 p.m. GMT+8

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Hong Kong’s IPO market is facing a test of investor demand as a surge in share offerings coincides with capital outflows.

Since July, at least four companies have postponed or abandoned their Hong Kong listings after launching IPOs.

Investor demand has been weak for some listings. Suzhou Dongshan Precision Manufacturing Co. Ltd. fell 0.75% on its Hong Kong debut Wednesday. Its shares were priced at a discount of more than 30% to its Chinese mainland-listed stock, yet the Hong Kong public offering was just 0.52 times subscribed.

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At least four companies postponed or abandoned Hong Kong IPOs since July; Suzhou Dongshan's debut fell 0.75%, with its offering only 0.52 times subscribed.
IPO proceeds hit a record HK$388 billion in the first nine months, up 106% year-on-year, but 30 of 121 debutants closed below offer price.
Foreign investors recorded HK$4.7 billion Q3 net outflows; mainland investors were net sellers for 11 straight sessions, with post-lockup share supply a concern.

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