Hong Kong initial public offerings have long held the position of a necessary evil for international law firms in the city. It is widely recognized 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.
Listings on the Hong Kong Stock Exchange – main board and the growth enterprise market – fell 20 percent in the first quarter compared to the same period the year before, according to Mergermarket figures. In the first quarter of 2015 there were 24 listings raising $6.3 billion and in the first quarter of 2016 that fell to 19 listings raising $3.6 billion.
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