For years, Shanghai has been the undisputed king of China’s equity markets, vitalised by a steady stream of initial public offerings from the country’s biggest and best state-owned enterprises.
But this year Shanghai has been outgunned by Shenzhen, its less glamorous rival in the south of China, due to an extraordinary boom there in IPOs by smaller, private companies.
The Shenzhen Stock Exchange has seen 246 companies raise a record $33.6bn by new listings this year, triple last year's total and much more than the $24.1bn raised in Shanghai.
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