The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

By Tom Taulli, InvestorPlace Writer

NEW YORK (

InvestorPlace

) -- Even with a slowdown in China -- as well as a weakening real estate market and plunging stock prices -- the country's IPO market continues to be healthy. In fact, for 2011, it was the top place for public offerings.

According to

The Globe and Mail

, the top exchanges in China -- including Shanghai, Shenzhen and Hong Kong -- saw $73 billion in capital raised. This was nearly twice the amount of the New York Stock Exchange and Nasdaq combined.

Also see: Innovative mobile gaming company has room to run with IPO

A key to China's IPO strength has been the participation of foreign companies. Some of recent listings include Italian fashion label

Prada

, Swiss commodities trader

Glencore

and American luggage maker

Samsonite

.

Besides the huge amount of liquidity in the Chinese markets, there also is the advantage of getting closer to the huge domestic market. For example, the developer of the highly popular "Angry Birds" franchise,

Rovio

, is

considering an IPO in China

.

Also see: 5 hot IPO possibilities for 2012

This boom still should be an opportunity for U.S. investment banks like

Morgan Stanley

(MS) - Get Report

and

Goldman Sachs

(GS) - Get Report

, right? Well, for the most part, they have had a tough time getting traction. The fact is local investment banks have had a better time snagging clients.

Conversely, Chinese companies have had a nightmare year with offerings in the U.S. markets. Just take a look at this table:

Company

Ticker

Aftermarket Return

Renren

RENN

-82%

Trunkbow

TBOW

-65%

Qihoo 360 Technology

QIHU

-50%

Zuoan Fashion

ZA

-45%

Taomee

TAOM

-44%

Jiayuan.com

DATE

-43%

Also see: Facebook faces obstacles to blue-chip status

In light of all this, it's a good bet that 2012 will not see many Chinese IPOs hit the Nasdaq or the New York Stock Exchange.

Also see

:

10 best stocks for 2012

Get the latest IPO date and IPO offering news for the hottest picks on Wall Street

5 Stocks doomed to disappear in 2012

Tom Taulli runs the InvestorPlace blog IPOPlaybook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of All About Short Selling (Link: ) and All About Commodities. Follow him on Twitter at @ttaulli. As of this writing, he did not own a position in any of the aforementioned stocks.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.