Deloitte, one of the largest auditors of initial public offerings in Hong Kong last year, said consumption plays will become hot items due to their strong brand image.

"A sustainable profit growth and a large network are two top reasons why retail plays among B-share firms will prove to be solid candidates for H-share conversion," Deloitte partner Edward Au said.

It picked Shanghai-traded Lao Fengxiang and two wine makers - Yantai Changyu Pioneer Wine and Anhui Gujing Distillery, both listed in Shenzhen - to be hot favorites if they opt for B to H-share conversions.

Deloitte earlier said it expected 41 out of 107 mainland firms that have both A and B shares to meet listing requirements of Hong Kong Exchanges and Clearing. It also said the 41 firms would convert their B shares into H shares this year.

"`These B firms might have the potential of upward valuation after converting into H shares," Au said, adding a 10 percent valuation premium is seen for mainland- traded liquor makers over their Hong Kong-traded peers.

But the recent jump in some B-share firms has also raised concerns any appreciation following conversion may be tempered. China International Marine Containers (2039) - the only firm so far to complete its B to H-share conversion - closed at HK$16.28 on Friday, up 68 percent from the last trading day of its B share in Shenzhen on November 29 last year.

China Vanke has gained 33 percent since announcing its conversion plan in early January. Livzon Pharmaceutical Group jumped by the 10 percent ceiling after revealing its conversion plan on Thursday.