Hong Kong is set for another year-end listing rush as a clutch of companies press ahead with plans to raise at least US$10 billion during December. There are at least three sizeable deals in the pipeline, each more than US$1 billion, apart from smaller candidates like restaurant chain Xiabu Xiabu and regional carrier Hong Kong Airlines. Companies have so far raised nearly US$17 billion on Hong Kong's two listing platforms - the main board and the Growth Enterprise Market - according to data provider Dealogic. But December itself could easily surpass the amount raised earlier this year. Two of the three anticipated mega-offerings - Wanda's US$6 billion, nuclear firm CGN's US$3 billion and BAIC's US$1.5 billion deals - could eclipse Li Ka-shing's US$3.1 billion Hongkong Electric initial public offering, so far the year's biggest, and the US$2.4 billion raised by WH Group, the No2 deal so far in 2014. IPOs have not had it easy though. Only one of the six companies listed in November rose above its offer price. Shares in LED manufacturer Wai Chi Holdings plunged, while shares in Wuxi Sunlit Science and Technology, which produces automation and control equipment, surged more than 50 per cent above its offer price. In contrast to the bull run in the US and mainland stock markets, the Hang Seng index has largely been flat this year. In addition to IPOs, follow-on share sales have been up moderately, by 8 per cent to US$30 billion, followed by a significant pick-up in convertible bond offerings. Damien Brosnan, head of the Asia equity syndicate at UBS, said the city's listing market will embrace more private and mainland-listed companies looking to convert to a Hong Kong float, shifting away from big state-owned enterprises, the city's traditional source of share sales. Many mainland brokers have been looking to list in Hong Kong since Beijing urged them to speed up product and management innovation in the fragmented securities industry. Shenzhen-listed GF Securities and Shanghai-traded Huatai Securities are seeking a Hong Kong float next year. State-owned enterprise reforms also create the possibility of fundraising in Hong Kong. Sinopec recently spun off its retail unit to a handful of large investors, raising more than US$17.4 billion for 29.99 per cent of its stake in assets including 30,000 gas stations and 23,000 convenience stores. There is also the possibility of mainland companies previously listed in the US coming to Hong Kong. Between 2010 and 2012, over 45 mainland companies were delisted from the US stock exchange, according to the US Securities and Exchange Commission. Shanghai-based Focus Media, which delisted its US-traded shares in a leveraged buyout deal in May last year, is said to be preparing for a US$1 billion share sale in Hong Kong early next year as it plans to repay its private equity investors.