The Financial Times reports:

China beats the world for IPOs

The record-breaking initial public offering of Industrial and Commercial Bank of China has powered China’s stock exchanges ahead of those in the UK and the US as the world’s biggest source of capital for new listings.

In the latest sign of the region’s growing influence, the Chinese exchanges raised a combined $43.1bn in the year to the end of October, substantially more than rivals, according to Dealogic, the data provider.

In comparison, the London Stock Exchange’s main market and its Aim exchange for smaller companies raised a combined £21.3bn ($40.5bn), according to figures published by the LSE.

Flotations on the New York Stock Exchange, Nasdaq and the American Stock Exchange have raised a combined $38.3bn, according to the exchanges.

The Hong Kong, Shanghai and Shenzhen markets have traditionally lagged these rivals in terms of money raised.

In a related article, John Gapper says that Wall Street is no longer the Master of the Universe: New York's days of glory will never return (subscription required).

In unrelated but much scarier news, the FT reports that American car racing behemoth Nascar is targeting China for expansion.