China has again outshone the US as the top venue for initial public offerings despite steep share price falls on the mainland and Hong Kong stock markets, highlighting the shift in global financial activity from west to east.
Companies raised $73bn from IPOs in Shanghai, Shenzhen and Hong Kong this year, according to Dealogic – almost double the amount raised on the New York Stock Exchange and Nasdaq combined.
Hong Kong retained its crown as the top bourse for the third year running, with $30.9bn raised. That figure compares with $30.7bn and $18bn, respectively, on the New York and London stock exchanges. Companies raised more than $41bn in Shenzhen and Shanghai, even as stock prices tumbled to three-year lows.
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