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��Home>>Business
World stock exchanges go hunting in China
www.chinanews.cn 2007-04-09 09:48:57
(Source: Xinhua)
Apr.9 - Only two days after Robert Greifeld, CEO of Nasdaq, announced in
Beijing the introduction of a China equities index, Noreen Culhane,
executive vice president of the NYSE, also arrived in the Chinese capital
hunting for potential listings.
"Global stock exchanges are stepping up efforts to recruit Chinese
companies," said Zuo Xiaolei, chief economist with Galaxy Securities.
"To survive and make profits," Zuo said, "stock exchanges have to list
more companies."
Greifeld visited China late in 2005 soon after becoming Nasdaq president.
Nine Chinese companies listed on Nasdaq in 2006 and six more have listed
in the past three months.
"China is our fastest-growing market outside the United States. We are
optimistic about the number of Chinese companies that can list on
Nasdaq," said Xu Guangxun, Nasdaq's chief representative in China.
Eighty-one Chinese firms raised 20.5 billion U.S. dollars from overseas
initial public offerings (IPO) in 2005.
In 2006, 86 Chinese firms raised 44 billion dollars from overseas IPOs
and accounted for 19 percent of the 2006 world total.
These statistics explain why New York, Nasdaq, Toronto, London,
Singapore, Tokyo and other giant stock exchanges are flocking into China.
"Chinese firms have become a new power in the world capital markets,"
said Yuan Gangming, a well-known economist with the Chinese Academy of
Social Sciences.
"China must speed up the development of its domestic capital markets," he
said.
Yuan's warning echoed a report released by the Research Center for China
Securities Regulatory Commission (CSRC).
Too many high-grade Chinese enterprises listing overseas will slow the
development of the domestic capital market and prevent Chinese people
from benefiting from the companies' growth.
Meanwhile, listing overseas could be risky because it will expose
companies to the risk of a takeover, the report said.
The CSRC is encouraging big state-owned enterprises to list domestically
or in both overseas and domestic markets. It has called on Chinese
companies that have listed overseas to come back and issue shares on the
mainland.
China Mobile and Bank of Communication have filed "return" applications
and PetroChina is also making preparations.
In 2006, as the Chinese stock market swung out of a four-year bearish
ordeal, 65 companies listed, raising some 17.1 billion dollars.
"China's stock markets have done well recently," said a senior official
with the Shanghai Stock Exchange, "although there are certain problems."
For instance, China has almost 20 million enterprises and about 10,000 of
them qualify for listing. However, complicated and time-consuming red
tape have kept most of them outside the stock market.
Copyright� 2004 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
Disclaimer: viewpoints in the website do not represent China News Service
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