BEIJING — Hong Kong may be the top market globally for initial public offerings, but it also suffers from a growing trend of weak stock performance from those debuts. The Hong Kong exchange was first in the world by IPO funds raised last year — besting the New York Stock Exchange and the Nasdaq, which came second and third respectively — according to KPMG , which noted that strong momentum in 2025 continued in the first quarter of this year. More than 600 companies are waiting to list on the