The strength of initial public offerings by Chinese companies in Hong Kong has driven Greater China's average IPO levels past those of the US and Europe, according to PricewaterhouseCoopers. The average amount raised by offerings in Hong Kong, Shanghai, Shenzhen and Taipei reached US$260 million last year, up from US$83 million in 2004, while the average offering for the New York Stock Exchange and NASDAQ came to US$170 million, a 22% fall on the previous year. European IPOs were worth US$100 million, up 11% year-on-year. The Greater China figure was boosted by big money, Hong Kong-only offerings from China Construction Bank (US$9.23 billion) and China Shenhua Energy (US$3.29 billion). Such companies are said to be put off listing in the US by the tough Sarbanes-Oxley corporate governance requirements. Greater China still trails in terms of total IPO value, with US$25.57 billion in 2005, compared to US$32.08 billion in the US and US$60 billion in Europe.