The Hong Kong bourse’s IPO market flourished in the first quarter of this year. There were 62 IPOs, raising 24.4 billion Hong Kong dollars. Meanwhile, the bourse’s new listing rules were announced on Tuesday and take effect next Monday. KPMG predicted new growth points would be cultivated in IPO market over the new listing rules.

The bourse reform aims to lure tech companies that allowed dual-class shareholding structure corporations and biotech firms with no revenues to apply for listings on the Hong Kong Stock Exchange. Hong Kong Exchanges and Clearing (HKEX) Chief Executive Charles Li said that if US listed companies want to come back, they can consider listing on the Hong Kong bourse.

 “People have expected dual-class of share be listing in Hong Kong for a very long time. Companies with dual-class structure went to the US or other overseas market in the past, the new listing rules attracted companies back to Hong Kong. And basically it will make Hong Kong restore its financial center status as well as boosting China’s international financial status,” said Ronald Wan, CEO of Partners Capital International in Hong Kong.

As an international hub, the Hong Kong market has started to focus on tech stocks. Besides the dual-class structure, HKEX also attracts biotech or medical industries. However, there are some concerns about reform in Hong Kong stock exchange market, which will squeeze the business of the mainland stock markets.

Wan expressed that opportunities for other stock markets will be equally as good, because they have different financing products. The size of domestic stock market, like Shenzhen and Shanghai would be increased, and will inevitably attract more companies to come to China’s market.