The city continues to be an excellent launch-pad for initial public offerings (IPOs), due to its depth of liquidity and the quality of its financial services providers. About 50 per cent of companies listed on the Hong Kong Stock Exchange are Mainland Chinese companies that account for 65.4 per cent of total market capitalization as at August, 2017. Last year, Hong Kong was ranked as the world's top IPO exchange, raising a total of US$25.1 billion from 126 IPOs.