UROP Proceedings 2022-23

School of Business and Management Department of Finance 178 Hong Kong IPO Market Supervisor: ZHANG, Chu / FINA Student: TAO, Yiben / ACCT WOON, Tyen Hwei / QFIN Course: UROP1100, Spring UROP1100, Spring This research seeks to analyse the performance of the Hong Kong initial public offerings (IPOs) market in 2022 and determine whether it met investor expectations. Hong Kong, as a significant global financial centre, plays a crucial role in facilitating capital flows and attracting companies seeking to raise funds through IPOs. Nonetheless, the market encountered significant obstacles in 2022, resulting in a third consecutive year of declines in terms of number of IPOs. This study investigates the factors that influenced investor sentiment, including the US-China Trade War, the interest rate increase, the COVID-19 pandemic, and other political factors. By analysing the performance of key IPOs and comparing it to investor expectations and the performance of the previous year, this research project reveals the actual market conditions. The findings hope to provide some implications for investors, regulators, and other relevant stakeholders.