Accounting firm PricewaterhouseCoopers (PwC) on Tuesday said it expects the value of initial public offerings in Hong Kong to double this year, reaching more than HK$100 billion, which could put the SAR back into the world's top three fundraising hubs.

It also predicted that 80 companies will be listed in the city in 2024, up from 73 last year.

The increased valuation, PwC said, will be supported by a "reduction in bearish factors”, “substantial demand” for corporate development financing, as well as expected interest rate cuts from the second quarter, which could see capital from Europe, the US and the Middle East flowing back to Asia, increasing market liquidity.

The implementation of Chapter 18C, which made it easier for specialist technology companies to list in Hong Kong, as well as the Stock Connect schemes, could also help, it said.

Benson Wong, entrepreneur group leader at PwC Hong Kong, said he expects three to five specialist technology firms to take advantage of Chapter 18C to list here in 2024.

Wong added that specialist technology companies in fields such as semiconductors and artificial intelligence have great potential, and that the expected listing of Chinese concept stocks as well as tech companies will contribute to the stability of the local capital market and boost sentiment.

He added that PwC is optimistic about the city’s stock market this year.

Separately, Eddie Wong, capital markets services partner at PwC Hong Kong, forecast that the mainland will see about 200 to 240 initial public offerings this year, worth a total of about 160 billion yuan to 190 billion yuan.

Last year, a total of 193.7 billion yuan was raised on the Shanghai Stock Exchange, while 148.1 billion yuan was raised on the Shenzhen Stock Exchange.

Shanghai ranked first in the world and Shenzhen second in terms of fundraising, while Hong Kong came in eighth, according to Refinitiv data.