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Taking stock

By Zhang Ran (China Daily)
Updated: 2007-12-17 09:53

Ten days after Duncan L Niederauer was appointed CEO of NYSE Euronext, he went to Beijing for his first overseas call as the world's largest bourse opened a representative office in the Chinese capital.

A December 11 inauguration date was chosen - the eve of the third round the China-US Strategic Economic Dialogue (SED). The ceremony was attended by Chinese Vice-Premier Wu Yi, United States Treasury Secretary Henry Paulson, New York Mayor Michael Bloomberg and China Securities Regulatory Commission (CSRC) Vice-chairman Tu Guangshao.

Chinese Vice Premier Wu Yi (C), US Treasury Secretary Henry Paulson (2nd L) and New York Stock Exchange (NYSE) CEO Duncan Niederauer (2nd R) cut the ribbon at an opening ceremony of NYSE Beijing Representative Office in Beijing December 11,2007. NYSE Euronext, parent of the New York Stock Exchange, on Tuesday opened its Beijing office, joining a march of bourses to China in search of potential new corporate listings. [Xinhua]

"It indicates a more open Chinese capital market," CSRC vice chairman Tu Guangshao notes. "It follows China's approval of foreign joint ventures in brokerage and fund management, and the launch of the qualified foreign institutional investor (QFII) scheme."

Niederauer says the more-open capital market will attract greater numbers of Chinese companies to come to New York.

The exchange indeed made strides in 2007. The listing of Xinyuan Real Estate Co Ltd last week represents the 17th NYSE listing from the mainland this year. The number of listed Chinese companies on the NYSE now totals 38 with an aggregate market capitalization of $1.5 trillion.

Yet the exchange's fight to list domestic companies is only expected to get more fierce in the coming years.

The Hong Kong exchange has raised $28.6 billion for 49 Chinese mainland companies thus far this year, compared to 17 by the NYSE, including leading Chinese business-to-business portal Alibaba.com, which had been widely expected to instead launch an initial public offering (IPO) in the US.

The NASDAQ, which opened its office on December 3, one week before NYSE, is also determined to take a piece of the action. To show the exchange's intentions in China, Xu Guangxun, chief representative of NASDAQ's Beijng office, said it is even considering listing itself in Shanghai if conditions of the market mature.

Nineteen Chinese companies joined the NASDAQ this year, compared with nine in 2006, and at least one more is expected in 2007, Xu said.

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