China tops world IPOs

Industrial and Commercial Bank of China's record-breaking US$21.9 billion simultaneous initial public offering in Hong Kong and Shanghai has edged China's stock exchanges ahead of those in the UK and the US as the world's biggest source of capital for new listings, the Financial Times reported. Hong Kong, Shanghai and Shenzhen raised a combined US$43.1 billion in the year to the end of October, according to Dealogic, the data provider. The London Stock Exchange's main market and its AIM exchange for smaller companies raised a combined US$40.5 billion, while flotations on the New York Stock Exchange, Nasdaq and the American Stock Exchange raised a combined US$38.3 billion. Five years ago, Chinese exchanges raised US$7.3 billion, LSE/Aim US$14 billion and NYSE/Nasdaq US$46 billion.