Companies looking to list in Hong Kong have put their initial public offerings (IPOs) on hold amid an annual decline of as much as 40 per cent in the valuations of new share offerings in some cases, making the market Asia’s cheapest after Pakistan.Protests in the special administrative region and the ongoing US-China trade war have rattled investor confidence. The average price to earnings (PE) ratio in Hong Kong currently stands at 10.46 times – its lowest in recent years. Last year, the ratio…