Last year wasn’t kind to global stock markets, which were rocked by Russia’s invasion of Ukraine and resulting energy shortages in Europe. Ruthless interest rate hikes by the U.S. Federal Reserve to tame inflation, and repeated outbreaks of the Covid-19 epidemic in China, didn’t help either.

That confluence of factors not only hit corporate valuations, but also put a major damper on initial public offerings (IPO). In strong contrast to the global picture, China’s two main stock markets in Shanghai and Shenzhen continued to host a steady stream of new listings that propelled them to the top of the global IPO list in 2022. Hong Kong got a lift as well, since it is also a major hosting ground for Chinese companies.

On a global basis, the number of IPOs worldwide plunged 45% last year to just 1,333, according to Ernst & Young. Funds raised fell by an even steeper 61% to just $179.5 billion. While U.S. fundraising fell more than 90%, dropping the Nasdaq and New York Stock Exchange to 9th and 11th places, respectively, the Shanghai and Shenzhen stock exchanges finished first and second by raising $52.7 billion and $28.8 billion, respectively, according to KPMG.