Accountancy giant KPMG on Tuesday said it has downgraded its expectations for Hong Kong's initial public offering (IPO) market this year, citing a global decline in dealmaking.

KPMG now expects to see up to 80 companies listing, raising HK$60 billion.

In January, the accountancy firm had projected 90 listings, with revenue of HK$100 billion.

At a press briefing, KPMG's Head of New Economy and Life Sciences Irene Chu said regional and global uncertainty is weighing on valuations.

"There's no shortage of companies that want to apply for an IPO... A lot of the time, it is about how attractive they are to investors," she said.

"It is not as much about the local economic condition, it actually has a lot to do with the regional and global situation when it comes to interest rates and economic performance."

In the first half of the year, Hong Kong saw 27 IPOs which raised HK$12 billion.

That was down from 31 listings with revenue of HK$18 billion in the same period last year.

KPMG said it expects Hong Kong will see more IPOs in the second half of the year thanks to the loosening of listing rules as well as supportive measures from the nation's market regulator.

Hong Kong Exchanges and Clearing earlier introduced the Chapter 18C listing regime, which makes it easier for specialist technology firms to list in the city. The China Securities Regulatory Commission, meanwhile, rolled out five measures to strengthen Hong Kong's status as a financial centre.