"It is hard to not link the stock market performance to the low IPO amount, and because of the A-share market slump, IPO applications in the Chinese mainland have been in a de facto state of suspension since October," said Zhang Qi, an analyst at Haitong Securities Co Ltd.
While optimistic about the Hong Kong stock market's outlook, analysts are less bullish about Chinese mainland bourses.
The report added that in 2013, Hong Kong will continue to be the major fundraising hub for mainland companies, the majority of new IPOs coming from small and medium-sized mainland companies, while more international companies are expected to list in Hong Kong.
Hong Kong is also expected to see 70 to 80 new listings, raising around HK$100 billion to HK$150 billion, it said.
"The China Securities Regulatory Commission, China's top securities regulator, has decided to lower requirements for domestic companies to launch IPOs in Hong Kong, and this will make it more attractive in IPO applications and help raise more capital in the market this year," Zhang said.
More than 800 companies in the Chinese mainland are lining up for IPO approval from the commission, but Haitong does not see any sign of regulators restarting the IPO approvals before March, Zhang added.
Wang, of Guotai Junan, said: "The A-share market has bottomed out, but we don't see a strong rebound." Although investors have shown confidence toward economic reform and development under the country's new leadership, the macro economy will be stable and not rebound, he added.
Wang said he expected policies that drive urbanization and domestic demand will heat up the economy, especially in the retail, infrastructure and investment-related sectors. And given the low level of share prices, there is room for growth, he added.
Black-headed gulls come to Kunming for winter
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