Initial public offerings in China have eclipsed the rest of the world in the first four months of 2023, with more than five times the money raised as in the US and many times more than the UK.
While London has seen just six IPOs so far, there have been 79 Chinese IPOs, with fundraising topping US$19.5bn so far this year, according to Dealogic data, down around US$4bn or nearly 17%.
China, where some listings in Shanghai and Shenzhen have utilised a new US-style IPO mechanism designed to make public share sales more market-oriented, has accounted for just over half of the global total in the first third of the year, the data shows, with a US$3708bn raised from 385 IPOs so far.
Asia has outperformed generally, as India has chipped in with 45 IPOs, Japan 26 and Hong Kong 18, while the European market has been aneamic.
Looking at New York, there have been 56 IPOs raising just over US$3.8bn, which is down 40% from a year ago.
If excluding US listings for special purpose acquisition companies (SPACs), the total is US$2.35bn, down about 22%.
This time a year ago, US$12.3bn had been raised in the US, while in 2021 there had been a massive US$130bn drummed up in the first third of the year.
UK flotations have raised just £109mln from six deal so far this year, the Dealogic data shows, down from £713mln from 22 a year ago.
Rising interest rates over the past year, the war in Ukraine, recent banking sector wobbles and a looming US recession have all been factors limiting IPO demand in the west.
UK listings have included World Chess PLC, which holds events and promotes the board game; and Fadel Partners Inc, which handles automated rights management for Marvel Entertainment and other big brands.