Hong Kong is expected to retain its position as one of the world's top three centers for initial public offerings (IPOs) in 2020, helping issuers raise as much as HK$260 billion ($33.4 billion), according to a new report by accounting firm PwC. The report, which was published Thursday, based the forecast on Hong Kong's far-reaching 2018 overhaul of its listing rules, which it said could help diversify the capital market and lay an important foundation for the city's IPO market. Hong Kong brought into effect a new listing regime in April 2018. The new rules enabled firms that were not previously eligible to be listed to file for IPOs. Such firms included biotech companies that did not meet any of the financial eligibility tests of the main board, high-growth firms with weighted voting-right structures, and issuers seeking secondary listings to apply for an IPO on the Hong Kong Stock Exchange (HKEx).