A total of 23 brokers have called it quits in 2025 – and nearly 200 since 2020 – with new IPO allotment rules adding to the pain
Close to 200 stockbrokers have closed their doors in Hong Kong since 2020, and industry players expect more to throw in the towel as new allotment rules make it harder for retail investors to get in on popular initial public offerings (IPOs).
In total, 197 brokers have quit since 2020, reducing the total number to 498 as of the end of June, from a recent peak of 606 in 2019, according to data from the Securities and Futures Commission. New players have joined the market, but far from enough to stem the tide.
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