Funds raised by new listings in Hong Kong next year could be twice as high as this year, according to Francis Leung Pak-to, Asia chairman at Salomon Smith Barney. Mr Leung, who has brought many mainland enterprises and red chips to list in the SAR, said he believed more China enterprises would list in Hong Kong next year. 'This year is a quiet year for the SAR stock market, but next year would be much better,' he said. Funds raised in initial public offerings in Hong Kong to date this year stood at US$15.2 billion, 60 per cent lower than the US$38 billion in funds raised in all of last year, Mr Leung said. 'Last year, Hong Kong raised most funds in Asia, but this year, we are below South Korea,' Mr Leung said. He blamed the disappointing results on many big Chinese players postponing their listing plans until next year, due to their restructuring plans not being complete. However, he expected to see a bounce back next year as some big companies - including Bank of China and China Telecom - were close to completing restructuring plans, paving the way for a possible listing in Hong Kong next year. The Mass Transit Railway Corp was also likely to issue its second tranche of shares for listing next year, Mr Leung said. This week, both China Mobile and the mainland parent of China Unicom announced plans to raise funds in China, rather than in Hong Kong. Despite this, Mr Leung said he still believed Hong Kong had yet to lose its attractiveness. 'Some enterprises may prefer to list on the China stock markets due to the lower cost there. But still, some companies would be willing to pay more for better quality,' he said. 'It would be better for the mainland enterprises to list in Hong Kong first and then consider listing in China.' He said Hong Kong had a higher transparency and corporate governance standard than China, while it also had a greater number of international investors who would trade.