Capital raisings on the Hong Kong stock market in the year to the end of September were down 73.29 per cent from US$14.75 billion to US$3.94 billion, according to data compiled by equity research firm Dealogic. The firm's data covers capital raised through initial public offerings (IPO) and the issue of follow-on equity and convertible securities. The number of such local issues dropped more than half to 117 from 292, according to the Dealogic report. A similar contraction was evident in data compiled by Dealogic for the Asia-Pacific region. Capital raised in the first nine months of this year amounted to US$45.6 billion - down from US$75 billion over the same period last year. Non-Japanese IPO volume dropped to US$4.5 billion from US$17.1 billion. Japan accounted for the largest IPO issued in the region, but even with the US$900 million raised by McDonald's in Japan, overall IPO volume declined to US$3.6 billion compared to US$10.9 billion last year. Globally, equity capital market volume dropped US$165 billion or 36 per cent to US$300.19 billion, while the number of issues fell by 38 per cent to 1,661 from 2,687. IPOs suffered a 61 per cent decline. Volume dropped to US$60 billion from US$157 billion while the number of offerings fell 57 per cent to 545 from 1,285 last year. Volumes of convertible issues increased from US$75 billion to US$108 billion while the deal count climbed from 221 to 292.