Why did Mail.ru, the Russian internet company, choose London for its $912m initial public offering on Friday whereas compatriot Rusal, the aluminium producer, decided to tap the Hong Kong IPO market to raise $2.2bn earlier this year? It can be tough for a company to decide which stock exchange is best for a new listing, but those in Asia, and specifically Hong Kong, are increasingly favoured. So far this year, the region has attracted about $43bn worth of initial public offerings, about one-quarter more than the US and UK combined, according to Dealogic data.

Hong Kong certainly benefits from being on China’s doorstep. Apart from the $18bn offering from Hong Kong-based AIA, many big entrants this year have come from the mainland. But with much of the western world still dealing with post-crisis problems, it is no surprise that companies seeking funds have looked for money in the east. Temasek, the Singapore sovereign wealth fund, invests more than three-quarters of its portfolio exclusively in Asia.

The traditional financial centres lose more than prestige as their market share declines. In 2007, IPOs generated more than $2bn in revenues for US and UK institutions, assuming fees came to a conservative 2 per cent rate on gross proceeds. And that is before considering ancillary work for lawyers, accountants, fund managers and even printers. So far this year, the US-UK proceeds are down by almost three-quarters compared with 2007, while the value of IPOs in Hong Kong rose by one-quarter.