Hong Kong’s Stock Slump Triggers Wave of Brokerage Closures

• The Hang Seng Index is set for a record fourth year of losses
• Liqiuidity has dried up amid foreign disinterest, IPO drought

Hong Kong’s government has taken steps to arrest the downturn and stimulate trading.  Photographer: Paul Yeung/Bloomberg

Bloomberg   By John Cheng

9 December 2023 at 08:00 GMT+8

A historic slump in Hong Kong’s $4.6 trillion stock market is rippling through the city’s financial industry.

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.

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