(Bloomberg) -- Two Chinese investment banks plan to lay off about 30% of their Hong Kong staff this year, Sing Tao Daily reported. 

The cuts will impact more than 100 people across investment banking, equity capital markets and other departments, according to the report, which did not identify the two firms. One of the banks has already begun to notify some junior staff, the report said. 

Initial public offerings in Hong Kong tumbled in May amid elevated equity-market volatility and as listings were hit by concerns tied to rising inflation, hawkish central banks and the war in Ukraine.  

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