Abstract
The financial crisis that began in 2008 disrupted capital market activi-ty and led to a decline in the number of IPOs worldwide. China was no exception to this trend, as reflected by the decline in IPOs on the coun- try’s stock exchanges, which fell by 35% in 2008 as compared to 2007.1 Given this sluggish supply of new public offerings, the world’s stock exchanges will increasingly compete for IPO listings.
[1] PriccWaterhouseCoopers, China/Hong Kong Capital Market Services Group, Greater China IPO Watch 2008 12-13 (2009), available athttp://www.pwccn.com/webmcdia/doc/633795312509403786 Aciposurveyrptjun2009.pdf.