Nasdaq works on representative office in Beijing
(Xinhua)Updated: 2007-05-28 10:06
Nasdaq is working closely with the Chinese
authorities to open a representative office in Beijing, said Nasdaq's chief
representative of China Xu Guangxun on Sunday.
Nasdaq will maintain its dynamics on listing Chinese firms and fears no competition, Xu said but declined to give a forecast on how many new Chinese listings would take place on the Nasdaq this year.
"China is Nasdaq's fastest growing market outside of the US We are optimistic about the companies in the pipeline in the coming months." Xu told Xinhua, "and we welcome competition from international stock exchanges in terms of seeking potential Chinese companies."
Stock exchanges from Britain, Germany, the Republic of Korea, Singapore and other countries have been hunting for Chinese companies and some put forward preferential policies including cutting listing cost.
"Companies listed in Nasdaq can acquire more publicity and the market has more liquidity and more open investors who have the culture to take more risks," Xu said, adding that Chinese companies are getting used to the US requirements for listed companies.
"For example, Chinese firms listed in Nasdaq is doing better in information release," Xu said, "more and more firms realize that apart from financing, mature and stricter regulations can help them grow stronger."
Lawyers representing planned Chinese listings said there was a growing feeling that the Sarbanes-Oxley Act of 2002, which introduced strict regulations in the wake of corporate scandals, is not an insurmountable obstacle to share sales in the US
"Concerns about Sarbox have now been fading," Xu said, "We're optimistic that we'll be able to move forward relatively quickly."
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