Shanghai tops New York as IPO leader

Shanghai has edged out New York to become the global leader for new company listings during the first quarter after raising 33.4 billion yuan ($5.4 billion).

A report from accountants Deloitte Touche Tohmatsu Ltd on Friday showed that the Shanghai Stock Exchange surpassed rivals New York and Hong Kong for the first time when it came to initial public offerings.

During the first three months of the year, 35 companies launched new listings in Shanghai. The frantic pace of IPOs comes ahead of the launch of new regulations governing new listings later this year.