Although the US markets made strides in catching up in the global IPO race, they remained the foremost global exchange operators based on the market capitalization of the listed companies. NYSE US accounted for $25.56 trillion, while NASDAQ US stood at $23.42 trillion. Chinese stock exchanges, in comparison, did not hold a dominant position, with the Shanghai Stock Exchange claiming only $6.52 trillion, ranking fourth, and the Shenzhen Stock Exchange in seventh place.