CHINA / Regional |
New York Stock Exchange plans Beijing office(AFP)Updated: 2006-11-27 16:35 The New York Stock Exchange plans to open an office in Beijing amid efforts to get more Chinese companies to list on the US bourse, Chinese state media has said. John Thain, the chief executive of the exchange, told the People's Daily the NYSE had applied for permission to set up the office as he headed to China for talks this week with companies that might be ready for an overseas listing. "The office ... will help deepen and speed up development of cooperation between the NYSE and China," Thain told the newspaper. "A large number of Chinese companies have become globalized, cross-border corporations and Chinese companies need more capital," he said. There are currently 18 Chinese companies listed on the NYSE, in addition to eight from Hong Kong and five from Taiwan, according to the newspaper. Thain has nurtured close contacts with China since becoming head of the NYSE, with this week's trip being his third in his current position. Chinese companies have traditionally preferred the Hong Kong Stock Exchange for share sales to foreign investors. However, a number of foreign exchanges further afield have attracted cash-hungry companies, including the NYSE, the Nasdaq and the London Stock Exchange. |
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