"2017 is set up to be a rebound year," says Anthony Kontoleon, global head of the equity capital markets syndicate team at Credit Suisse. He believes the late-year stock market rally in 2016 will provide momentum going into the new year.
"The sectors that seem to have the most strength in terms of backlog are tech, retail/consumer and energy," he suggests.
Alongside Snap, there is heightened interest in the potential listings of three Chinese tech groups: Ant Financial, the payments arm of Alibaba; Lufax, the online financial platform set up by insurer Ping An; and Zhongan, the online insurer backed by Ping An, Alibaba and its rival Tencent.
All three are considering their financing options, including where they might list. Funding rounds in the past two years valued Ant at about $60 billion, Lufax $19 billion and Zhongan $8 billion.
Listing in Shanghai or Shenzhen would probably produce higher valuations than Hong Kong, but the Chinese regulator-controlled IPO queue is estimated to be at least 18 months long.
Hong Kong offers some home advantage while allowing companies to raise funds outside China's tightening capital controls. However, compared with New York, it has few tech stocks to act as benchmarks and it does not allow companies to offer dual-class shares.
"They're all giants in their spaces, they have global appeal and they would be successful in a Hong Kong format," suggests Nick Johnson, JPMorgan's head of equity capital markets for Asia-Pacific. "Over time, they want to take China to the rest of the world — and having international access is part of that."