EQUITY - An unforgiving arena

The Beijing Olympics was supposed to be a catalyst for capital market activity in Hong Kong and China as the eyes of the world turned to the region. Instead the global fall-out of the US sub-prime crisis has eviscerated investor confidence and ensured anaemic equity issuance. It means valuations are dropping and all but the boldest or brashest issuers are holding off, but for how long? Leigh Powell reports.