Weak market conditions are likely to see total funds raised through initial public offerings in mainland China and Hong Kong fall by about half this year, the South China Morning Post reported. PricewaterhouseCooopers (PwC) estimates that around US$36.5 billion will be raised from 112 offerings on mainland bourses. This compares to US$67.2 billion from 125 offerings in 2007, PwC said. Shanghai is expected to account for 12 of the new listings in 2008 and around US$29.2 billion of the total capital raised. The number of listings in Hong Kong is set to fall to 55 from 86 last year, with total funds raised dropping to US$16.7 billion from US$38 billion in 2007. In the first half of 2008, the amount raised through offerings in Shanghai and Shenzhen was down 41% year-on-year at US$13.1 billion. Hong Kong saw a 51% decline to US$6.5 billion.