Activity in Hong Kong's new offering market will pick up in the remainder of the year, with 12 initial public offerings set to raise 72.1 billion yuan ($11.77 billion), according to local media.

Assuming all these IPOs proceed, they will make up for some of the action that Hong Kong Exchanges and Clearing Ltd might have lost recently by possibly losing Alibaba Group Holdings' massive offering estimated at more than $75 billion.

The Hong Kong Economic Journal reported on Monday that among the 12 companies are Bank of Chongqing Co Ltd, Huishang Bank Co Ltd, Jingrui Properties Group, Fu Shou Yuan Group and Hong Kong Electric Co.

Hong Kong's stock market began a rally in mid-July, and it's risen about 12 percent since. Many new shares floated earlier this year have recovered some of their losses, improving market sentiment for more debuts.

Helped by China's economic boom, Hong Kong was the world's biggest IPO market from 2009 to 2011. But it fell out of the top five this year, affected by slower growth in China and talk of the United States phasing out its quantitative easing program. Many companies changed plans amid weak market sentiment.

For example, Nexteer Automotive Group, a car-part supplier formerly owned by General Motors Co, delayed in June an IPO in Hong Kong that could raise as much as HK$2.5 billion ($322 million). Casino operator Macau Legend Development Ltd also reduced its listing plan by half to raise $800 million.

One major upcoming IPO is that of Hong Kong Electric Co, one of Hong Kong's two main electricity generators, which could raise up to $5 billion. The utility serves 568,000 customers on Hong Kong Island and one outlying island.

Bank of Chongqing and Huishang Bank, two of the mainland's city commercial banks, plan to raise 7.8 billion yuan and 11.6 billion yuan, respectively.

Jingrui Properties Group, a mainland property developer, plans to raise 1.56 billion yuan to 2.34 billion yuan in an IPO scheduled at the end of this month.

Mainland regulators' reluctance to reopen the IPO pipeline helped drive many mainland companies to Hong Kong for IPOs. Many expected regulators to allow new listings in July, but no timetable has been made public so far as to when IPOs will resume.

Mainland regulators have blocked IPOs since October last year as they work on reforms that will overhaul China's scandal-ridden stock market.