A financial public relations firm that helps companies listing in Hong Kong is going public itself, even as a growing number of clients delay their plans in light of the economic downturn. Wonderful Sky, which aims to become the first financial PR agency listed on the Hong Kong Stock Exchange on March 30, says in its listing prospectus that six of its eight clients that had sought initial public offerings since October have since delayed their plans. Though Wonderful Sky has not completed a single listing transaction since January, it decided to go public because it believes now is an opportune moment to seek expansion in the mainland's A-share market. It is offering shares at prices of between HK$1.18 and HK$1.5 and plans to raise up to HK$375 million - 80 per cent of which will be used to acquire or set up a joint-venture with a PR agency on the mainland, and up to three firms in Hong Kong. 'Many of our clients were listed in both Hong Kong and the mainland and they wish to have a one-stop PR service for both of their listed arms,' Jessica Sun Bin, chief executive of Wonderful Sky, said at an offering briefing yesterday. 'Given our experience in the H-share market, we believe we have the capability to explore the mainland's A-share market.' The firm said it had not yet identified any acquisition or joint-venture target, but hoped to do so within the next few months. It will also hire between 45 and 80 employees for a new office in Hong Kong. Wonderful Sky reported its net profit more than doubled year on year to HK$74.47 million in the six months ended September. It expects a dip in financial performance in the six months to March, although chairman Liu Tianni believes the IPO market will perform generally better this year than last. Hong Kong ranked No 1 in the world in terms of capital raised through IPOs last year, although the HK$259 billion figure was only slightly more than half of a record HK$450 billion raised in 2010. Liu said that to reduce the firm's reliance on IPO clients, it continued to expand and diversify. Income from non-IPO clients made up 65.6 per cent of earnings during the first half of the current financial year. Subscription of the company's 25 million local shares and 225 million shares offered globally will begin next Monday until noon on Thursday.