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Initial public offerings (IPOs) on the Shanghai bourse are expected to overtake those in Hong Kong in 2007 as more Chinese companies return home, making it Asia's biggest center for IPOs, two accounting firms said yesterday.

"We predict the capital raised through IPOs in Hong Kong will reach HK$150 billion in 2007, while the figure for the mainland is HK$200 billion, reflecting the trend of sustainable economic increase on the mainland," said Frank Lyn, PricewaterhouseCoopers' China markets leader.

Ernst & Young shared this view but offered a different forecast.

"Propelled by the issue of A shares by companies with listed H shares, Shanghai will overtake Hong Kong by a narrow margin in 2007, with total IPO proceeds forecasted to reach 280 billion yuan," said Conway Lee, general manager of Ernst & Young's China Business Development.

The last time Shanghai raised more capital from IPOs than Hong Kong was in 2001.

Around 60 Chinese and international firms raised HK$325.4 billion through IPOs in Hong Kong in 2006, a record high versus HK$165 billion the previous year, according to Ernst & Young.

The rapid increase in capital raised in Hong Kong was led by several large deals last year, including the world's biggest IPO by the Industrial and Commercial Bank of China (ICBC), which raised almost HK$171.3 billion through its dual listing in Hong Kong and Shanghai.

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