Hong Kong Exchange Faces Tough Year With Deals Fading, China Links in Flux
- Undisclosed accord means Alibaba is kept out of trade link
- Impasse could crimp Hong Kong’s push for secondary listings
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Hong Kong’s exchange faces a challenging year as the spreading coronavirus chokes off deals, adding more urgency to its efforts to convince Beijing to further open its markets and cement the bourse’s role as a gateway to China’s corporate giants.
With deal makers stranded at home and large parts of the Chinese economy under lock down, no initial public offerings have priced since mid-January after an initial flurry, posing an early challenge for Hong Kong Exchanges and Clearing Ltd. to retain its spot as the world’s No. 1 IPO market.