ASX chief executive Dominic Stevens (left) and the head of the ASX listings, Blair Harrison. Photo / Supplied
Accounting software company Xero controversially ditched its NZX listing at the end of last year in favour of the ASX.
Clearly, it hasn't done the stock any harm; since then, the stock almost doubled in price to A$82.28 ($86.60).
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NZX
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• Rod Drury: Why Xero is leaving the NZX
ASX chief executive Dominic Stevens says that the Australian exchange - which opened a New Zealand office in June - feels it has a lot to offer aspiring Kiwi companies looking for global reach.
So why does the ASX keep pinching our companies?
"We see it more like that we are providing capital for those companies, so I see it from a more positive point of view," Stevens told the Herald in an interview in Auckland.
"It's an additive thing, rather than anything else," he said.
"They are looking for growth capital and I think that they saw the ASX as a way of actually raising growth capital and that's worked for them."
Kiwi companies looking to list were seeking out the lowest cost of capital that they could find, so adding an ASX listing opens them up to a much bigger base of investors, he says.
Ninety per cent of the Australian market has a mandate to invest in Australia-listed companies. "If they are dual listed, they get the benefit of that."
Max Cunningham, ASX's head of listings, said when companies become dual listed, their turnover on the NZX usually goes up.
"We sell ASX as a capital market," he said.
"What we offer is size of capital - one of the indirect benefits of that is access to one of the key global benchmark indices - the S&P ASX 200.
"How companies want to access that capital is up to them," Cunningham says.
"What we are selling is very pro New Zealand - getting capital into the country, particularly for some of the smaller companies.
"For the larger companies, if they have access to a larger pool, they should be lowering their future cost of capital.
"That means it is easier for them to raise future capital and hopefully stay out of private ownership," Cunningham says.
The ASX offers investors a different culture, particularly around risk.
Aussie investors are well-versed in the risks of fledgling stocks that may or may not succeed.
Take West Australia's Fortescue Metals - a tiny company that started in 2003, discovered the biggest bedrock iron ore deposit in Australia, and which is now the world's fourth biggest iron ore producer.
Stevens says Australia's markets "have a quality that tends to run to backing ventures".
"It comes from having a mining background so people put up $10 million to dig a hole and there might be nothing at the bottom of that hole.
"There is a culture that is looking to invest that actually might not produce a 5 or 10 per cent return, but double or triple - but there are risks to that.
"I think that we are attracting growth-oriented companies from around the world."
Kiwi companies aspiring to list on the ASX tended to have global ambitions while the Australian companies tended to have a domestic focus.
"There are a whole bunch of investors who are looking for the safe and sound - the blue chips - but there is also an investor base that is actually quite focused on growth companies - the companies that might be looking to raise $10m off a market cap of $100m," Stevens says.
There was also a broking community who were willing to advise, work with, and research the smaller companies.
He says a lot of capital from the Australian superannuation system finds its way into dual listed Kiwi stocks through the dual listing process.
As it stands, New Zealand has the biggest number of stocks - 55 - on the ASX. The US follows with 46, followed by Israel (20), Singapore (17), Malaysia (10) and Canada (10).
The total market cap of Kiwi companies on the ASX is A$107 billion (NZ$112.7b), about 4.5 per cent of total ASX.
There are seven NZ companies contained within the S&P/ASX 200 index.
The ASX has also run electricity derivatives in New Zealand since 2009 and has operated the former NZ Futures and Options Exchange since the 1990s.
The exchange also runs the NZ 90 Day Bank Bill Futures contract.