Initial public offerings, as wealth managers know, are an important liquidity event. PwC predicts this year should see vibrant activity in Hong Kong - economic and market conditions permitting.

There will be 130 new initial public offerings in Hong Kong this year, matching the level for 2015, and a total of up to HK$300 billion ($38.7 billion) could be raised, propelling the jurisdiction into the top three of places such capital raising, PricewaterhouseCoopers estimates.

The amount of funds raised by IPOs in Hong Kong in 2015 meant that it reclaimed its top ranking worldwide for the first time since 2011, leaving New York and Shanghai a distant second and third, PwC said in an analysis of liquidity event data.

The coming 12 months should see robust IPO activity, the consultancy predicted, adding the caveat that much depends on the state of the overall economy and stock market. Recent months have been volatile for global, and Asian, equities.

Setting a new record for Hong Kong, there were a total of 138 new listings in 2015. Of these, 104 companies were listed on the Main Board (against 103 in 2014). This included 14 companies switching from a Growth Enterprise Market to a Main Board listing, which was twice the number for 2014.

A total of 34 companies opted for a GEM listing, compared to 19 in 2014. The retail, consumer goods and services sector provided the majority of new listings, followed by industrial products and financial services companies, the report continued.

Funds raised by IPO companies reached HK$261.3 billion in 2015 – an increase of 12 per cent over 2014. Financial services companies accounted for 56 per cent of the total amount raised on the Main Board.

PwC said the large share of financial firm IPOs was driven by how many mainland banks and financial institutions have been waiting for the right opportunity to broaden their capital.