Hong Kong, the hottest initial public offering (IPO) market in the world in 2011, has seen a precipitous slowdown in listings because of market uncertainty and low valuations.

Companies have raised just HK$24 billion ($3.1 billion) via IPOs in the first four months of the year in Hong Kong, compared to HK$260 billion ($33.5 billion) last year, according to figures from the Hong Kong Stock Exchange.

Prada, Citic Securities, Chow Tai Fook Jewelry Group and New China Life Insurance were among the names that successfully raised money in Hong Kong last year. Chow Tai Fook raised $2.8 billion in the biggest listing of the year.

By contrast, the biggest IPO in Hong Kong this year was that of Haitong Securities , which raised $1.6 billion and made its debut on April 27.

“I think by any way you measure it, it’s been a rough first quarter,” Stephen Peepels, Partner at law firm DLA Piper, told CNBC. “So far we have had 5 deals in the entire year in Hong Kong that have raised more than a hundred million dollars, it’s a really historically low number.”

Last year, companies raised HK$17.77 billion in the first quarter, HK$153.43 billion in the second, HK$23.17 billion in the third and HK$65.63 billion in the fourth.

More Top Stories

This Could Devastate India's Prized IT Sector

Indians Have No Choice but to Learn Chinese

Myanmar's Currency Slumps as Imports Flood in

Lessons China and Brazil Can Teach Each Other

Bond Bubble Fears Return for Emerging Asia

More Asia News