China snags world's biggest IPOs while Hong Kong listings dry up

The mainland is also benefiting from Beijing's desire to elevate its domestic markets, including the creation of a new Nasdaq-style Star board.

Initial public offerings are coming thick and fast in mainland China, with Shanghai set to host the world’s two biggest listings this year as domestic investors look past the government’s regulatory crackdown.

It’s a different story in Hong Kong, a global center for IPOs that’s seen only one offering so far this month. International investors who use the financial hub as a window into China are increasingly concerned by policy risks in sectors ranging from technology and education to food and health care.

The mainland is also benefiting from Beijing’s desire to elevate its domestic markets, including the creation of