Hong Kong initial public offering (IPO) listings have long held the position of a necessary evil for international law firms in the city. It is widely recognised that they are a good way for firms to get name recognition with banks and build a brand in the region, but competition and the ongoing instability in equity capital markets have meant firms are looking at changing their strategies on IPO work.
Listing on the Hong Kong Stock Exchange – main board and Growth Enterprise Market – fell 20% in Q1 compared to the same period the year before, according to Mergermarket figures. In the first quarter of 2015, there were 24 listings raising $6.3bn and in the first quarter of 2016 that fell to 19 listings raising $3.6bn.
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