TECH stocks’ global struggles and U.S.-China trade tensions may have cooled enthusiasm for what some said could have been one of Hong Kong’s hottest-ever initial public offerings: Ping An Insurance Co. of China Ltd.’s sale of a piece of its health-care and technology unit.
“Demand is strong, but not as strong as what had been expected as a record-setting one,” said Alvin Cheng at Prudential Brokerage, citing as well the cutoff of U.S. components to Chinese telecom-equipment company ZTE Corp.
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