Five Chinese companies are targeting up to a combined $1.1 billion from initial public offerings in Hong Kong this week, reinforcing the fundraising wave that made it the world's No. 1 IPO market in 2009.The companies came after Russian's UC RUSAL, the world largest aluminum producer, priced its $2.2 billion deal in the mid-point of the range last week, and several of this week's deals are quite small.

The press release is quoted as saying:

China, with a number of companies expected to float shares on Hong Kong markets this year, will be represented by International Mining Machinery (IMM) and Chu Kong Petroleum & Natural Gas Steel Pipe, which plan to raise up to $427 million and $237 million respectively, from Hong Kong initial public offerings.

Click here to access the entire press release ^[1]