Analysts say improvements in Shanghai's regulation make it a strong rival to Hong Kong.
The financial hub was far outpacing New York, Shenzhen and Shanghai by early December, according to figures from Dealogic. It is the second year in a row that Hong Kong has led the world in initial public offerings.
New York’s $31.39bn US fundraising bid was a shadow of Hong Kong’s eye-watering total, with Shenzhen and Shanghai trailing behind Wall Street, Dealogic said.
“It’s definitely an achievement – Hong Kong can claim to be both an international financial centre and a gateway to mainland China,” Liu Qiao, an associate business professor at Hong Kong University said.