Cornerstone investors hold back as some Hong Kong IPOs delayed this month

Enthusiasm among cornerstone investors in Hong Kong's IPO market has cooled, forcing some issuers originally set to list this month to postpone their offerings. More than 60 per cent of newly listed shares in the third quarter are currently trading below their offer prices, prompting cornerstone investors, who usually receive guaranteed allocations and must hold their shares for six months, to reconsider subscribing to upcoming deals.