Hong Kong Financials Equities What's special in May? Inflow, HIBOR and IPOs Liquidity inflow despite subdued loan demand: According to HKMA's latest monetary statistics, Hong Kong sector deposits grew 0.6% m-o-m in April, taking y-t-d growth to 4.1% (12.8% annualised). We expect May deposit growth be positive, on IPO fund raising activities and favourable broader equity market performance. While deposit growth was strong (up HKD706bn y-t-d 2025), loan growth was subdued (up only HKD49bn y-t-d). This dynamic ...