HONG KONG: Hong Kong surged past New York this year to become the world's second most popular place — after London — for companies to float new stock listings.
The city's success was due to several factors, analysts say. Being next door to the booming economy of mainland China helped, and tough new U.S. accounting rules have discouraged many companies from listing in America.
Perhaps most important, Hong Kong has benefited from a new trend that involves the rise of regional markets, diminishing the importance of places like New York. With the help of powerful computers and increasing liquidity, capital can easily zoom around the world, scouting for the best investments.
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