Hong Kong’s red-hot market for initial public offerings is set to close the year with its busiest month for listings in at least four years as companies rush to list their shares.

Nineteen companies have either listed or laid out plans to debut their shares in December, on track for the most in a month since as far back as July 2021, data compiled by Bloomberg show. The number may increase as some companies are gauging interest this week before they start taking investor orders.

Hong Kong listings have already raised more than $34 billion this year, on course for their highest proceeds since 2021. Companies may be trying to squeeze their listings into the tail end of the year to get desirable valuations instead of risking fresh uncertainties arising in 2026, especially in light of some recent deals that have flopped, said Andy Wong, IPO leader at advisory firm SW Hong Kong.

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Among those lining up to list shares this week are energy-storage company Guoxia Technology Co, cryptocurrency exchange HashKey Holdings Ltd and autonomous-driving firm CiDi Inc. Jingdong Industrials Inc — JD Inc’s supply-chain technology unit — and chip designer Suzhou Novosense Microelectronics Co debuted last week, with both stocks currently trading below their listing prices.

Those gauging investor interest this week include Shanghai-listed chip designer OmniVision Integrated Circuits Group Inc, which may raise as much as $1 billion, and drug-discovery company Insilico Medicine Inc, whose IPO may fetch about $300 million, people familiar with the deals said, asking not to be identified because they weren’t authorized to speak publicly. Shanghai Forest Cabin Cosmetics Group Co is also gauging interest, according to terms of the deal seen by Bloomberg News.

Representatives for Insilico Medicine and Forest Cabin Cosmetics declined to comment. OmniVision didn’t respond to a request for comment.

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Altogether, this month’s listings may raise more than $2.4 billion, according to the Bloomberg-compiled data, which excludes listings by way of introduction and debuts of firms that merged with blank-check companies.

Hong Kong listings this year have generated a weighted-average gain of close to 50 percent, outperforming the Hang Seng Index. But signs of weakness in the broader market emerged in the fourth quarter, and shares of some companies that saw first-day pops earlier in the year have faltered.