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Hong Kong's IPO size down 84% in H1

Jun. 28, 2012 (China Knowledge) - The size of initial public offerings in Hong Kong totaled HK$30.6 billion in the first half of this year, reflecting a decline of 84% from the same period of last year, due to volatile market conditions, according to a research report by Deloitte Touch Tohmatsu, a major international accounting and consulting firm.

Hong Kong, which was the world's largest IPO market for three consecutive years, posted its worst semi-annual performance since 2009, ranking No.5 worldwide in terms of proceeds raised in the first half of this year. There were only 32 companies launching IPOs in Hong Kong in the fist six months.

The average IPO size for the main board fell to HK$670 million in H1 of 2012 from HK$1.6 billion in the same period of last year, and that for the GEM dropped to HK$110 million from HK$120 million.

In the same period, at least 15 IPOs were reportedly withdrawn or delayed, reflecting the highest level on record.

Deloitte expected that there will be about 80 initial public offerings raising between HK$110 billion and HK$160 billion in Hong Kong this year.

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