If successful, Zhongwang's IPO could be the first to raise more than $1 billion since China South Locomotive (1766.HK) (601766.SS) raised $1.57 billion last August.
It could also spur further listings. Dozens of companies put their planned Hong Kong listings on hold last year when the market for new offerings vanished.
"If this IPO makes it, we may see a pick-up in big IPO activity," Redford's Tang said.
Proceeds will be used to expand capacity and buy equipment, as well as for for working capital, debt repayment and research and development.
Global IPO volumes have dropped nearly 96 percent so far this year, according to Thomson Reuters data, but the market rally of recent weeks has led several companies to revive listing plans.
The world's biggest listing this year was the $828 million February IPO by Mead Johnson Nutrition Co (MJN.N).
The IPOs earlier this month by Silver Base and Chinese online gaming firm Changyou.com (CYOU.O), which listed on Nasdaq, both drew robust investor demand.
Hong Kong's Hang Seng index .HSI is up about 39 percent from an early March low, and trading volumes have surged in recent weeks, bolstering conditions for Zhongwang's big IPO.
"With more liquidity in the market at the moment, I think it's going to be okay," said Alfred Chan, chief dealer at Cheer Pearl Investment Ltd in Hong Kong. "Any new IPO in the near future should be okay."
Of the shares to be sold, 10 percent are earmarked for Hong Kong retail investors and the rest for institutions globally.
Citic Securities, JPMorgan (JPM.N) and UBS (UBSN.VX)(UBS.N) are handling the IPO.
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