Listing candidates unable to meet the new profit threshold proposed by the Stock Exchange of Hong Kong could seek an initial public offering in Singapore or the mainland China, EY says. EY expects total fundraising through Hong Kong IPOs will fall by 10 percent to HK$350 billion in 2021 due to hard economic impact of the Covid-19 pandemic. But the SAR still has a chance to become the world's largest IPO market next year because of secondary listings by US-listed Chinese companies, biotech firms and companies with weighted voting rights structures. And Chinese IT firm Newlink Technology has commenced a Hong Kong IPO to raise up to HK$870 million, with a minimum investment of HK$3,523 per board lot of 800 shares. It expects to start trading on the mainboard in Hong Kong on January 6.

Source: The Standard December 22, 2020 09:34 UTC