The record-breaking initial public offering (IPO) of Industrial and Commercial Bank of China (ICBC) has powered China's stock exchanges ahead of those in the UK and the US as the world's biggest source of capital for new listings.
In the latest sign of the region's growing influence, the Chinese exchanges raised a combined $43.1 billion (€32.7 billion) in the year to the end of October, substantially more than its rivals, according to data provider Dealogic.
In comparison, the London Stock Exchange's main market and its AIM exchange for smaller companies raised a combined £21.3 billion (€31.4 billion), according to figures published by the LSE.
Flotations on the New York Stock Exchange, Nasdaq and the American Stock Exchange have raised a combined $38.3 billion, according to the exchanges.
The Hong Kong, Shanghai and Shenzhen markets have traditionally lagged these rivals in terms of money raised. But figures now show a marked turnaround from five years ago when, according to Dealogic, Chinese exchanges raised $7.3 billion, LSE/AIM raised $14 billion, and NYSE/Nasdaq raised $46 billion.
The market performance underscores this year's phenomenal investor interest in China and will raise fresh concerns among some US policymakers about whether regulation has deterred investors in US markets.
This year has seen a steady succession of IPOs of state-owned companies, including the simultaneous listing in Hong Kong and Shanghai of ICBC, the mainland's biggest lender. It raised $21.9 billion - a world record.
The six IPOs on the Shanghai exchange raised $8.6 billion, highlighting pent-up demand among mainland investors to own shares in some of the world's fastest-growing companies. Mainland investors cannot buy shares overseas. - ( Financial Times service)
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