Hong Kong's Stock Slump Triggers Wave of Brokerage Closures [BNN Bloomberg (Canada)]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: BNN Bloomberg
Thirty local brokerages have closed down this year, after a record 49 shut up shop in 2022, according to Hong Kong stock exchange data. That comes as Wall Street banks lay off dealmakers due to a plunge in initial public offerings. The Hang Seng Index is heading for a fourth year of declines, the longest losing streak in the gauge's history, and fell to an one-year low this week. Average daily turnover is down 14% compared with the five-year average and the IPO market having its worst year since 2001. The prolonged slump and the job losses are adding to questions about the future of the city's position as Asia's top international finance center in the wake of Hong Kong's extreme pandemic curbs and Beijing's imposition of national security legislation. “This wave of shutdowns and layoffs at brokerages is the worst I've ever seen,” said Edmond Hui, chief executive officer of Hong Kong-based brokerage Bright Smart Securities. “The key lies in improving the liquidity of the market.
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