• PricewaterhouseCoopers LLP

The rise of emerging markets is best illustrated by the changing dynamics of the Asian stock exchanges. The combined market capitalization of China’s Shanghai and Shenzhen equities markets has risen from US$400bn in 2005 to US$4trn at the end of Q4 20101. Taken together, these bourses surpassed the Tokyo Stock Exchange, the Asia Pacific region’s erstwhile stock-exchange giant, which stood at US$3.8trn at the same quarter-end. This growth has been fuelled by more than 500 IPOs in that five-year
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