Talk about concrete demand. BBMG, the Chinese cement maker, has just raised HK$6.8bn (US$883m) in Hong Kong's second-biggest initial public offering this year. Retail investors applied for almost 800 times the stock available, among the highest-ever subscriptions. More mainland issuers are crowding the wings: China National Pharmaceutical, China Pacific insurance, Chery Automobile.

They should look sharp. Hong Kong's primary market is notoriously momentum driven. The extended romp of 2006 to 2007 was an anomaly; historically, festivities have lasted two or three quarters at best. Hong Kong IPOs are now springing back from the slowest first half for six years, but flows could taper off before long.

On the supply side, China's securities regulator has had few qualms about keeping mainland companies in the domestic equity market. A series of Hong Kong listing applications were denied two years ago; issuers either had to offer shares in Shanghai too, or better still, forget all about Hong Kong. That feeling may be strengthened, the more Hong Kong seems to be giving its assets away. BBMG, selling a 25 per cent stake, was valued more than a third cheaper, in forward price/earnings terms, than national champion Anhui Conch, already listed there.