Hong Kong's IPO frenzy coming to a rapid halt

Many of the sales that helped reignite market are trading below offer prices

Mobile telecommunications tower operator China Tower (left) closed unchanged on its debut on Wednesday after completing the world's biggest initial public offering in two years. Its performance mirrors that of smartphone maker Xiaomi (right), another
A Meituan Dianping rider on his way to deliver food in Beijing. The Chinese food delivery giant filed for an IPO in Hong Kong on June 25.PHOTO: AGENCE FRANCE-PRESSE
Mobile telecommunications tower operator China Tower (left) closed unchanged on its debut on Wednesday after completing the world's biggest initial public offering in two years. Its performance mirrors that of smartphone maker Xiaomi (right), another
Mobile telecommunications tower operator China Tower (above) closed unchanged on its debut on Wednesday after completing the world's biggest initial public offering in two years. Its performance mirrors that of smartphone maker Xiaomi, another keenly anticipated listing that is little changed a month after it started trading. PHOTOS: REUTERS, AGENCE FRANCE-PRESSE
Mobile telecommunications tower operator China Tower (left) closed unchanged on its debut on Wednesday after completing the world's biggest initial public offering in two years. Its performance mirrors that of smartphone maker Xiaomi (right), another
Mobile telecommunications tower operator China Tower closed unchanged on its debut on Wednesday after completing the world's biggest initial public offering in two years. Its performance mirrors that of smartphone maker Xiaomi (above), another keenly anticipated listing that is little changed a month after it started trading.PHOTOS: REUTERS, AGENCE FRANCE-PRESSE

HONG KONG • Brace, brace. Hong Kong's initial public offering (IPO) take-off is going to come to a screeching halt.

There's a flood of deals still in the pipeline, it's true, from food delivery giant Meituan Dianping to biotech unicorn Innovent Biologics. But investor fatigue is setting in, with many of the hot sales that helped to reignite the market in the past year trading below their offer prices or showing lacklustre gains.

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A version of this article appeared in the print edition of The Straits Times on August 10, 2018, with the headline 'HK's IPO frenzy coming to a rapid halt'. Subscribe