Several Chinese retail firms are testing the waters by launching US$485 million in IPOs in Hong Kong even as investors remain cautious amid turmoil in global equity markets, Reuters reported. After a recent lull in new offerings on the Hong Kong Exchange, mainland retailer Hongguo International Holdings (1028.HK) launched its roadshow last Friday, while tea maker Tenfu Holdings (6868.HK) and Xiao Nan Guo Restaurants Holdings (1147.HK) began taking orders for their IPOs on Monday. Their performance will help test demand for US$5.5 billion in offerings scheduled by Citic Securities (600030.SH) and Sany Heavy Industries (600031.SH) in coming days. Companies have raised some US$16.41 billion through IPOs on the territory’s bourse this year, making it set to be the world’s top IPO market for three years running. But new deals ground to a halt in late July, when volatility in broader global equity markets surged. Hongguo is expected to begin trading on September 23, while Tenfu will debut on September 26 and Xiao Nan Guo on September 28.