Editorial | Chan lifts hopes with brighter prospects on horizon for Hong Kong economy
- An upbeat assessment by Hong Kong’s financial secretary on initial public offerings to investment and attracting talent augurs well for city’s recovery
To say that Hong Kong’s recovery from the pandemic has been tenuous may sound too generous. The market for initial public offerings is off to a rockier start than last year, which was hardly great.
Stock markets spent early 2024 in the doldrums before turning bullish in the spring. The mainland economy, hobbled by its property sector, has not come to the rescue.
Even so, criticism that the city’s government has had few ideas to revive the economy is misplaced. Recovery takes time and indeed a plan is being followed that is slowly getting the economy back on its feet.
Financial Secretary Paul Chan Mo-po this week outlined government efforts on many fronts, opening with a welcome prediction that markets will see a substantial number of IPOs, starting in the third quarter. “At the moment, in the pipeline, IPOs coming to Hong Kong are very strong,” Chan said.
That is good news if they materialise. Hong Kong ranked first in the world on the global IPO league table for seven out of the past 15 years.
