The listings of two large state-owned enterprises have captured sizeable demand from fund managers, breaking the gloom of Hong Kong’s long-suffering IPO markets.

China Galaxy Securities (the mainland’s sixth-biggest brokerage firm) and Sinopec Engineering (a spin-off from Sinopec) are preparing to raise a combined US$ 3.6 billion through Hong Kong listings.

Sinopec was opened to public investors on May 10, while Galaxy’s public offer started on May 9.