Dozens of Chinese companies are rushing to raise billions of dollars amid fears the recovery on global markets will fizzle and foreign lenders will start demanding their money back, analysts say.

China Metallurgical and Sinopharm Group lead a list of 15 firms hoping to raise nearly $18 billion in Hong Kong and Shanghai by Oct 31, and more than 80 initial public offerings (IPOs) are in the pipeline for next year, according to analysts and media reports.

"The pick up in the economy, pick up in stock markets and plenty of liquidity - all that makes for a good concoction," said Andy Mantel, founder and chief executive of Pacific Sun Investment Management in Hong Kong.