Mainland equity markets may surpass Hong Kong as the location of choice of Chinese companies looking to launch initial public offerings, the Financial Times reported, quoting figures from accountancy firm Pricewaterhouse Coopers. The Shanghai and Shenzhen bourses are expected to grow 50% to more than US$25 billion in 2007, PwC said on Tuesday. At the same time, Hong Kong is expected to fall 56% from a record of US$44 billion in new listings in 2006. The 2006 record was achieved on the back of mega deals like Industrial and Commercial Bank of China's US$21.9 billion IPO. Since Beijing launched reforms of its stock markets and listed companies in 2005, confidence in mainland markets has returned, the newspaper reported.