{"id":1687489,"date":"2022-10-13T06:06:28","date_gmt":"2022-10-13T10:06:28","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1687489"},"modified":"2022-10-13T06:06:43","modified_gmt":"2022-10-13T10:06:43","slug":"glum-hong-kong-dealmakers-pin-hopes-on-china-congress-to-revive-economy-ipos","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/glum-hong-kong-dealmakers-pin-hopes-on-china-congress-to-revive-economy-ipos\/","title":{"rendered":"Glum Hong Kong dealmakers pin hopes on China Congress to revive economy, IPOs"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fglum-hong-kong-dealmakers-pin-hopes-on-china-congress-to-revive-economy-ipos%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1687489&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Scott Murdoch<\/p>\n<p>HONG KONG (Reuters) -Hong Kong dealmakers expect China\u2019s 20th Party Congress next week to herald a shift in focus in Beijing back towards business and economic issues that could help revive the city\u2019s IPO issuance from nine-year lows.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>Rolling COVID-19 lockdowns have been blamed for dramatically slowing China\u2019s economic growth, shutting it off from the rest of the world and denting investors\u2019 appetite to buy into Chinese assets.<\/p>\n<p>Any shift towards opening China\u2019s borders and stimulating demand there would prop up confidence and business transactions, lawyers and analysts said. Hong Kong only recently began its own reopening, relaxing its tough virus policies which have tarnished its credentials as a global financial centre.  <\/p>\n<p>\u201cHopefully, the global economic situation will improve next year and I expect to see a greater focus on business and economic issues in China after the 20th party congress,\u201d said Richard Wang, Freshfields partner in Hong Kong, adding that should lead to more companies looking to raise capital.    <\/p>\n<p>Initial public offering (IPO) activity in Hong Kong, which is traditionally dominated by mainland companies, has fallen to a nine-year low amid tumbling Chinese markets, escalating Sino-U.S. tensions and a tightening regulatory environment in China.   <\/p>\n<p>International listing ambitions have been put on ice since China flagged new rules, which are yet to be finalised, for companies wanting to sell shares outside of the mainland markets.    <\/p>\n<p>There has been just $9.28 billion worth of IPOs in Hong Kong this year, down from $37.1 billion in the same period in 2021, according to Refinitiv figures. The value of new share sales is the lowest since 2013.<\/p>\n<p>Moreover, more than 80% of the IPOs in Hong Kong this year are trading under water since their debut, according to Dealogic data.<\/p>\n<p>Mainland Chinese IPOs have raised $54.12 billion, down 33% from $80.89 billion in the first three quarters of 2022, according to Refinitiv data. However, Shanghai\u2019s STAR and the Shenzhen exchange are the two most active IPO markets in the world, the data showed.<\/p>\n<p>\u201cPeople are expecting that things will open up after the meeting but in terms of timing when you will see that, it will not be an overnight change,\u201d said Stephanie Tang, a partner at law firm Hogan Lovells.<\/p>\n<p>\u201cHow that will evolve, there\u2019s no one determining factor but the reasonable expectation is that we will see deal activity progress from late 2022 towards the springtime in 2023.\u201d <\/p>\n<p>Most economists, however, doubt Chinese policymakers will offer any concrete signals soon of a relaxation of the zero COVID policy or a roadmap for border reopening.<\/p>\n<p>COVID infections are at the highest level since August and there\u2019s an estimated 36 cities under lockdown or some form of control ahead of the meeting beginning on Sunday.<\/p>\n<p>Greater policy certainty in areas such as technology and education could only become clear following the annual two sessions of China\u2019s parliament in March, lawyers said.    <\/p>\n<p> (Reporting by Scott Murdoch; Editing by Anshuman Daga)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/hong-kong-hopes-china\/attachment\/file-photo-hang-seng-stock-index-in-hong-kong-7\/\"><img decoding=\"async\" src=\"https:\/\/c3.oann.com\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2022binary_LYNXMPEI9C0E7-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9C0E7-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Scott Murdoch HONG KONG (Reuters) -Hong Kong dealmakers expect China\u2019s 20th Party Congress next week to herald a shift in focus in Beijing back towards business and economic issues<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1687489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1687489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1687489"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1687489\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1687489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1687489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1687489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}