China has outstripped the U.S. in the amount of money raised from stock listings, underscoring the region's stronger economy and a resurgence in investment.
Companies have raised nearly $52 billion from initial public offerings on exchanges in Hong Kong and mainland China so far this year, according to financial research firm Dealogic. That's about twice as much as the some $26.5 billion in American IPOs. In 2007, the amount of money raised from IPOs in Hong Kong and the mainland also exceeded the U.S. total.
Hong Kong alone has drawn more than $27 billion this year, making the southern Chinese financial center the world's top city for equity capital raising for the first time, according to Dealogic's records dating to 1997. Since 2000, Wall Street has led every year except for 2006, when London was the destination of choice.
The activity underscores the yawning gap in economic strength between Asia and the West.
At a time when the U.S. and European economies are still suffering the effects of the financial crisis, China is headed for growth of 8 percent or more this year. Another indicator of Asia's economic rise has been China's auto market, which eclipsed the U.S. as the world's biggest this year.