As the attention of the world's investors has turned to the China initial public offering (IPO) market (with several of the world's largest IPOs in recent years coming from Chinese issuers) the Hong Kong Stock Exchange (HKSE) has solidified its position vis-à-vis the New York Stock Exchange (NYSE) and the Nasdaq as the preferred listing venue for IPOs of Chinese issuers, both by value of funds raised and number of listings. During the 1990s, large Chinese issuers favoured New York listings (or dual New York and Hong Kong listings) as they conferred a seal of approval upon their businesses and enhanced their stock valuations. However, after the tech bubble burst in 2000 and a wave of corporate scandals in the US culminated in the enactment of the Sarbanes-Oxley Act in 2002, Chinese issuers became more likely to list on the HKSE, and less likely to raise capital through US listings...