PricewaterhouseCoopers (PwC) released a report projecting that Hong Kong initial public offerings (IPO) this year will continue a trend of larger-scale flotations. The average value of IPOs in the first half of the year was US$308 million, 3.7 times greater than the average during the same period last year. IPOs raised a total of US$7.08 billion in the first half of the year, also 6.68 times more than during the same period in 2003. PwC analysts projected that changes in listing requirements, which make it easier for unprofitable companies to list and make back-door listings more difficult to do will attract more companies to seek IPOs during the second half of the year. PwC estimated that Hong Kong will see a total of 80 IPOs worth a total US$14.7 billion in 2004.