New stock listings in Hong Kong have slid this year, making it an exception across global markets as concerns persist over the outlook for China’s tech sector after Beijing slammed the brakes on offshore share sales.

Initial public offerings in Hong Kong have raised less than $26bn this year, down 10 per cent compared with 12 months ago and more than a fifth lower than 2020’s total, according to data from Dealogic. By comparison, global IPO fundraising has jumped 75 per cent from last year’s total, with deals in New York alone rising to about $300bn.

Bankers had expected Hong Kong to benefit from China’s regulatory clampdown on technology companies, which began immediately after ride-hailing group Didi Chuxing’s US listing in June and was initially expected to focus on New York.