NEW YORK ( TheStreet) -- Although the initial public offering (IPO) market in the U.S. and other developed countries is improving, activity in the developing economies will eclipse listings in the developed countries. During the second quarter 2010, companies in emerging economies raised close to $29.3 billion, almost triple the amount invested in the developed countries.Part of the disparity comes from the European debt crisis, which saw many stock indices in the developed countries tumbling. Investors are cautious about overextending in the U.S. IPOs on concerns related to volatile market conditions and recovery in the U.S. economy, and the impact of European debt crisis. "Emerging markets have a fundamental growth force behind them, which tends to make people more optimistic about them," Kenneth Fisher, CEO of Fisher Investments told Business Week. "That quality makes people more prone to take a flyer on something in the emerging markets, where they wouldn't want to in the developed world." The U.S. IPO activity has returned, with more than $5 billion having been raised by 39 companies between April and June, according to a report by PricewaterhouseCoopers (PwC). During the same period last year, only $1.6 billion was raised by 12 IPOs. Columbus-based apparel retailer Express ( EXPR), raised $162.9 million on the NYSE in May, while electric-car company Tesla Motors ( TSLA) raised $226 million in June. Of the 39 new listings, 30 are domestic, and 9 are foreign private issuers that raised $540 million. Six of the foreign issuers are Chinese companies. China could emerge the largest IPO market in the world, overtaking Hong Kong. IPO activity is robust and is expected to raise more than 500 billion Yuan ($73.5 billion) this year, according to PwC. So far this year, firms from China raised 212.7 billion Yuan ($31.3 billion) from 176 IPOs. Last year, there were no listings during the same period. In the whole of 2009, China was host to 99 IPOs. For 2010, this number will triple, as around 300 IPOs are expected to be listed. The Agricultural Bank of China raised $19.23 billion in a recent IPO, besting the Industrial & Commercial Bank of China's $21.9 billion IPO in 2006. If AgBank, China exercises the overallotment option, it would rank as the world's biggest IPO until date.