China has surpassed the United States (US) in the amount of money raised from stock listings, underscoring the region's stronger economy and a resurgence in investment.

Companies have raised nearly US$52 billion from initial public offerings (IPOs) on exchanges in Hong Kong and mainland China so far this year, according to financial research firm, Dealogic.

That's about twice as much as the some US$26.5 billion in American IPOs. In 2007, the amount of money raised from IPOs in Hong Kong and the mainland also exceeded the US total.

Hong Kong alone has drawn more than US$27 billion this year, making the southern Chinese financial centre the world's top city for equity capital-raising for the first time, according to Dealogic's records dating to 1997.

Since 2000, Wall Street has led every year except for 2006, when London was the destination of choice.

The activity underscores the yawning gap in economic strength between Asia and the West.

At a time when the US and European economies are still suffering the effects of the financial crisis, China is headed for growth of eight per cent or more this year. Another indicator of Asia's economic rise has been China's auto market, which eclipsed the US as the world's biggest this year.

Capitalising on liquidity

Chinese companies, looking to capitalise on liquidity created by government stimulus measures and raise their international profile, were behind all but a handful of the region's IPOs this year.

But even a couple of Western companies moved to cash in while solidifying their links to a region expected to help underpin their growth for years.

United States casino companies Las Vegas Sands and Wynn Resort both floated Hong Kong shares of their Macau operations in recent months.

Analysts point to a number of lacklustre listings as a sign of investor fatigue that could slow the pace of offerings in the near term.

Over the long run, though, the trend is likely to continue, even once the US regains some vitality as more and more companies seek a toehold in Asia.

"China is where most of the growth will be compared to other countries in the world," said Belle Liang, head of research at Core Pacific-Yamaichi International. "Where else can you see this kind of growth?"

Others eying hong kong

Companies from other parts of the world, including Russian aluminium gain, Rusal, are also eying Hong Kong listings.

Greater Chinese IPOs were big in number and size.

Among them: the US$7.3 billion IPO from China State Construction Engineering Corp, which listed in Shanghai.

The company, builder of the 'Water Cube' swimming centre for the Beijing Olympic, produced this year's second-largest, after Banco Santander Brasil SA's US$7.5 billion IPO, according to Dealogic.

- AP