The Hong Kong Stock Exchange (HKEX) is no longer in the top three global listing venues due to stringent COVID-19 measures and Beijing’s crackdown on private enterprises; analysts believe IPOs in Hong Kong are unlikely to recover in the short term. According to a Bloomberg report on Oct. 29, initial public offerings in Hong Kong have raised $37.8 billion so far in 2021, behind the Nasdaq, New York Stock Exchange, and Shanghai. Global equity capital market activity was at a record high in the first half of this year, Hong Kong included, ranking third with $27.6 billion in revenue. Thanks to the first six months, Hong Kong’s 2021 IPO haul still remains at the highest level through this period. However, since then, Hong Kong’s IPO market activity in the third quarter has significantly slowed. During Q3, Hong Kong only raised $6.2 billion, a sharp drop of 82 percent from the …