The volume of initial public offerings in Asia ex Japan has dropped to the lowest level since 2005, according to Dealogic data.
For the year-to-date, volume stands at $16.2 billion, down 40% from the same period last year, which saw $27.4 billion raised.
By contrast, volumes in North America rose 4% and in Europe nearly tripled, to $34.5 billion and $14.4 billion respectively, taking global volume to $89.4 billion, up 25% from the same period in 2012.
The data for Asia ex Japan is hardly surprising. Even taking the summer lull into account there has been a dearth of listings this year.