Shanghai, HK vie for IPO lead

More companies bet on high valuations in mainland, instead of going overseas

As New York remains on track to knock Hong Kong off its pedestal to become the world's biggest listing venue this year, the Asian financial hub is wrestling with Shanghai for the second place in the league tables.

Over the first nine months of the year, some 106 deals raised HK$85 billion ($11 billion) in Hong Kong, trailing the 105 billion yuan ($16 billion) raised in Shanghai, according to data from global accounting firm Deloitte.