The surge of initial public offerings in Shanghai and Shenzhen last year has caused concern among Hong Kong-based financial services companies that their IPO-related businesses are about to be snapped up by their Chinese counterparts. Adding further to these worries, PricewaterhouseCoopers PWC last week projected that a continued lack of mega IPOs will result in less funds raised in Hong Kong in 2008 than in 2007.
However, PWC believes Hong Kong will maintain its competitiveness as a fund-raising platform for global capital in the next five years. It argues that the equity capital markets in Hong Kong and China are different and that there is little competition between them.
ôDifferent companies have...
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