Analysts say Hong Kong's fundraising market is facing a severe test, with two initial public offerings (IPOs) called off at the last minute within a week, raising concerns about investor sentiment due due to market volatility and stricter regulations. Robot manufacturer Changzhou Microintelligence announced on Sunday that it decided to postpone its IPO "considering various factors such as current market conditions." This brings the total number of companies that have shelved their listing plans in the second half of the year to four, which had originally aimed to raise a combined HK$2.1 billion (approximately US$267.7 million).