Hong Kong Brokerages Hit Hard by Historic Stock Slump, Raising Doubts Over City's Finance Standing
• Historic slump in Hong Kong stock market triggering wave of brokerage closures (30 this year, 49 in 2022) • Prolonged market downturn adding to questions about HK's future as top Asia finance center • Small and medium brokerages bearing brunt of downturn, over 70% suffered losses in 2022 • Lack of liquidity shows institutional interest in HK and China declining to new low • Drought in IPOs adds to sense of market trouble, 2022 set to be worst year for HK debuts since 2001