NY steals HK's IPO crown

Shanghai bourse leads others in attracting new global public offerings

After two consecutive years in the top spot, Hong Kong is poised to lose its much-coveted title as the world's leading venue for initial public offerings (IPOs) this year, following a drop in the number of blockbuster listings.

Though the number of IPOs in the financial hub is projected to hit a record-breaking 160 for all of 2017, the value of deals is expected to plummet by one-third from HK$195 billion ($25 billion) last year to HK$130 billion - the lowest level since 2012, which will put Hong Kong in the fourth place in the global IPO league table this year, falling behind its counterparts New York, Shanghai and London, according to the latest report from KPMG.