HONG KONG—Royal Bank of Scotland Group PLC's Chinese partner and a company that finances medical equipment are looking to raise a combined US$1 billion in Hong Kong initial public offerings as the latest Chinese companies to tap the city's market.

The IPOs come as Hong Kong's stock market continues its strong run, despite a brief retreat last week. The city is the world's No. 2 IPO venue by value so far this year, behind Shanghai and ahead of New York, according to Dealogic.

On Sunday, Legend Holdings Corp., the largest shareholder in personal-computer maker Lenovo Group Ltd., raised US$1.96 billion in the city's third-largest IPO this year, after pricing near the top of its indicative range.

Guolian Securities Co., RBS's China joint-venture partner, joins a line of Chinese brokerages that have sought to make use of the rally in the Chinese and Hong Kong stock markets by tapping one or the other for funds. Hong Kong's benchmark Hang Seng Index is up 14% this year, while Shanghai's composite index has risen 38%.

Guolian, which started taking orders from investors Monday, is selling 443 million shares at an indicative price range of 7.10 Hong Kong dollars to 8.25 Hong Kong dollars (92 U.S. cents to US$1.06), according to a term sheet seen by The Wall Street Journal on Monday.

Guolian has secured US$170 million of orders from cornerstone investors, which agree to hold the shares for a specified period after listing. They include asset-management company China Life Franklin and Chinese private-equity firm Citic Capital GL.

Like the other Chinese brokerages that have launched IPOs this year, Guolian is raising money to develop its securities-lending and margin-financing business, according to the term sheet. China's stock-market gains this year have been fueled largely by investors borrowing on margin.

Guolian would be the third Chinese brokerage to list in Hong Kong this year. HTSC, better known as Huatai Securities, had a US$4.5 billion IPO last month, and GF Securities Co. had a US$4.1 billion IPO in March.

Guolian plans to list on July 6, according to the term sheet.

Based in the eastern coast province of Jiangsu, Guolian has more than 50 branches in major Chinese cities such as Shanghai, Beijing and Guangdong, according to its website. Last year its revenue nearly doubled to 2.13 billion yuan ($343 million), while its net profit surged to 730 million yuan from 264 million yuan. Founded in 1992, Guolian set up its joint venture with RBS, Huaying Securities Co.—which underwrites stock and bond sales—in 2011.

The other company that began taking orders for a Hong Kong IPO Monday was Universal Medical Financial & Technical Advisory Services Co., which plans to raise up to US$546 million from its Hong Kong IPO, according to a term sheet seen by The Wall Street Journal.

The provider of financing for health-care equipment is selling 423 million shares in an indicative price range of HK$7.68 to HK$10 each and is scheduled to list on the Hong Kong stock exchange on July 8, the term sheet said.

Legend priced its Hong Kong IPO Sunday after selling 353 million shares at HK$42.98 each, just two cents off the top of its range at HK$43.

Write to Yvonne Lee at yvonne.lee@wsj.com

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