It’s a different story in Hong Kong, a global center for IPOs that’s seen only one offering so far this month. International investors who use the financial hub as a window into China are increasingly concerned by policy risks in sectors ranging from technology and education to food and health care. The mainland is also benefiting from Beijing’s desire to elevate its domestic markets, including the creation of a new Nasdaq-style Star board. Some of the country’s biggest telecommunications operators are looking to Shanghai after being pushed out of the U.S. amid growing economic friction between the world’s two largest...