Initial public offerings are picking up. But the world's second-largest venue for floats finds itself awash with small fund-raising plans, reports Emma Dai

It has been awhile since Hong Kong IPO market was this busy. Starting in mid-June, Champagne and roast suckling pigs were served almost every day in the Exchange Square in Central. Bankers, lawyers and board-room directors all toasted one another to fete the new issuances - often several at a time.

Yet among the celebrations could be heard the often-repeated question: "Why is the new stock trading at only one dollar?"