China’s top-three tech firms Tencent Holdings Ltd., Alibaba Group Holding Ltd. and Meituan have lost more than $400 billion in value from highs just four months ago.
NEW Hong Kong listings tumbled to their lowest since the aftermath of the global financial crisis, as weaker markets and China’s clampdown on its biggest tech firms chill sentiment.
Just seven companies have gone public in the second quarter so far -- on track for the fewest since 2009, according to data compiled by Bloomberg.
The muted second-quarter activity stands in sharp contrast to the rush to go public seen last year or even at the start of 2021.
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