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In 2003, the Hong Kong IPO market, then as now dominated by aspiring mainland corporates, started off with a bang before tailing off sharply as news of a deadly new pathogen emerged. Severe acute respiratory syndrome, or SARS, resulted in 774 deaths, with Hong Kong and Beijing hardest hit.
For a while, the city’s capital markets all but closed down. One after the other, mainland firms delayed their Hong Kong listing plans.
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