With Hong Kong fund raisings already above the HK$50 billion mark in the first half of 2004, Hong Kong Exchanges and Clearing chief executive Paul Chow said initial public offerings (IPOs) were on track to beat last year's figure of HK$59 billion. He credited mainland companies for the projected increase, saying some would find it difficult borrowing from banks and instead list on Hong Kong exchanges. Chow said there were 38 new listings on the main board and Growth Enterprise Market in the first half. There were 73 new listings in 2003. The record year for fund raisings was 2000, when both boards raised a combined HK$132 billion.