Not since the listing of Denway Investment was oversubscribed 620 times in 1993 has the primary market for second-line stocks looked so hot. Bank corporate finance departments are gearing up for an autumn of fat fees with up to 20 offerings expected. Issuers will hope financial advisers judge market demand better than HSBC Investment Bank, which underwrote Tuesday's debut of Glorious Sun Enterprises' after the share price leapt 50 per cent from its issued price. With Kwoon Chung Bus Holdings' float oversubscribed 40 times, punters are back in the groove of stagging new issues. Buying is entirely local and centred on well-positioned red-chip offerings that are competitively priced compared with the generally over-bought sector. Glorious Sun was sold as a Giordano-style China retail play, without the Giordano risk. Giordano International trades at 18 times earnings while Glorious Sun was pitched on an eight-times multiple. With China's economy revving up after austerity, investors look to be hopeful of the red-chip profit picture. More importantly, investors have pent-up demand after a long period of gloom. Improved sentiment towards Hong Kong's near-term future underlies the buying if brokers are to be believed.