As IPOs slump globally, all the big deals are coming from China

As IPOs slump globally, all the big deals are coming from China

In a year where initial public offerings globally have slumped by more than two-thirds, one would expect the summer break to be especially quiet. Not so in Asia, where stock listings have notched their second-highest August haul on record.

First-time share sales in the Asia Pacific region totaled $14.9 billion this month, data compiled by Bloomberg show.

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The strong showing is almost entirely down to issuers from mainland China and Hong Kong, which accounted for all but two of the IPOs raising at least $100 million, the data show.

The world’s largest travel retailer China Tourism Group Duty Free Corp. tops the list with its $2.1 billion Hong Kong listing, followed by the two mainland IPOs of Shanghai United Imaging Healthcare Co. and Hygon Information Technology Co.

The busy August in Asia stands out globally, with a typical northern hemisphere summer lull coinciding with a 2022 slump in share offerings due to fears that tighter monetary policy to curb rampant inflation would tip the global economy into recession.

Stock indexes in the red aren’t helping either. European IPOs fetched just $510 million this month, while proceeds in the US were a mere