The initial public offering market in Hong Kong recovered in the first half of 2013 in terms of proceeds, with half of the listings coming from the Chinese mainland where new IPO approvals stalled, an industry report said.

Twenty-two companies raised HK$39.5 billion (US$5.09 billion) from their IPOs on the Hong Kong stock exchange in the first six months of this year, Deloitte Touche Tohmatsu said in a report yesterday.

The proceeds rose 28% from the HK$30.8 billion raised by 32 IPOs in the same period of last year, the report said.

Of the deals, 11 were launched by companies on the mainland where the IPO market has been frozen since November.