In March he thought the Hong Kong market, which often tracks the Dow, was close to a peak.
"The Hong Kong market is going into a gradual consolidation phase, " said Linus Yip, First Shanghai Securities strategist in Hong Kong.
The Hong Kong market, which had been fairly sour on Chinese bank stocks earlier this year, apparently liked what it sees.
To name a few other important areas of the globe, the Hong Kong market topped out in November and is down 9.5% since.
The Hong Kong market is overly dependent on a shaky China.
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This new "China flu" has begun to infect the Hong Kong market, as well, just as its stock exchange is seeking to establish unprecedented "co-listing" arrangements with the U.S. NASDAQ exchange.
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A-shares has narrowed over the past six years from about 90% to below 30%, as prices in the Hong Kong market have risen and prices on the mainland have (until recently) stagnated (see chart).
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Hong Kong Red Chips--shares of Chinese firms listed in Hong Kong, such as Citic Pacific or China Telecom, are treated separately from the rest of the Hong Kong market, because they tend to be more volatile and have different accounting standards.
But the offering by the company, whose shares already are listed in Shanghai, was emblematic of the struggling Hong Kong IPO market.
True, the U.S. got a jolt in late October when a sharp fall in the Hong Kong stock market sparked a big plunge in the Dow Jones index.
It remains to be seen whether famously free-market Hong Kong will be prepared to adopt such charges.
Hong Kong stocks bucked the market trend as earnings from a number of high profile companies offset the gloom from Europe.
Shares in the People's Insurance Company of China (PICC) were 8% higher on the firm's debut in Hong Kong despite the tough market conditions.
Tokyo's Mothers exchange and Hong Kong's GEMS market never lived up to their promise and suffered from the same rash of not-ready-for-prime-time listings as the Neuer Markt.
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The phone company's first ethnic Chinese chief executive is also confronted by intense competition as Hong Kong's telecommunications market liberalizes in line with the rest of Asia.
China has seen how a collapse in Hong Kong's property market fuelled anti-government sentiment that prompted hundreds of thousands to take to the streets two years ago.
The real estate market in Hong Kong is extremely robust and prices are on the rise.
So we changed our target market to Hong Kong buyers that had a crowded living environment at home.
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There is also a lot of competition for the business end of the fixed-line market in Hong Kong.
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Massachusetts based Samsonite became the first US company to do an IPO solely in Hong Kong instead of its home market.
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However, the effort to attract more service-oriented businesses faces stiff competition from the nearby office market of Hong Kong, a long-established international financial capital.
In a sign of a shifting near-term outlook, the yuan fell more quickly Monday in the offshore market in Hong Kong, where it trades without restrictions.
Thai Union Frozen Products, headquartered in Bangkok, sells for ten times a 2007 earnings estimate from CLSA, a Hong Kong brokerage specializing in emerging market stocks.
In the latest sign of bullish sentiments about Hong Kong's real estate market, Swire Pacific said on Tuesday that it was looking to spin off its property division.
It has been operating for barely a year, but Hong Kong's Growth Enterprise Market (GEM) has already acquired a superlative title - as the world's worst performing stock exchange.
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