The New York Stock Exchange (NYSE) plans to open an office in Beijing, its chief executive was quoted as saying yesterday, as he prepared to head to China to get more companies to list on the US bourse.
John Thain, who was set for talks with Chinese companies that might be ready for an overseas listing, told the state-run People's Daily the NYSE had applied for permission from the Chinese authorities to set up the office.
"It 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.
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.
In August, the NYSE signed a memorandum of understanding with the government of China's Jiangsu Province, one of the the nation's most developed and economically active regions.
Under the agreement, Jiangsu said it would promote the NYSE as the "US stock exchange of choice" for local companies intending to list in the US.
"More and more private Chinese companies are listing in New York and that's a good thing," the People's Daily quoted Thain as saying.
"But in future, the NYSE will also strive for listings by even more large state-owned enterprises since they are the backbone of China."
There are currently 18 Chinese companies listed on the NYSE, including big names such as China Southern Airlines (
In addition eight companies from Hong Kong and another five from Taiwan are listed on the NYSE.
As of Aug. 31, the 31 companies from the Greater China area had a total market capitalization of US$671 billion, according to data from the NYSE.
As Chinese companies seek to tap global financial markets for funds, competition for their business among bourses across the world is heating up.
"Of course, the NYSE is under a lot of pressure, everyone knows China is a huge market," said Zhang Qi, a Shanghai-based analyst with Haitong Securities (
The high-tech Nasdaq market, for one, is emerging as more of a potential rival for the NYSE, even though so far it has addressed a relatively niche market, mainly attracting Chinese dotcoms such as Netease (
Earlier this year, Nasdaq's chief China representative was quoted as saying it hoped to rid itself of its "stigma" as a "tech-laden" exchange, broadening its appeal to a larger number of Chinese companies.
A number of Chinese companies have also been attracted to European exchanges, frequently arguing that less cumbersome listing procedures make them a better choice than the US with its more over regulatory environment.
The best known example is flag carrier Air China, which picked London and Hong Kong for its 2004 overseas listing, citing the similar regulatory environments in the two cities.
NO-LIMITS PARTNERSHIP: ‘The bottom line’ is that if the US were to have a conflict with China or Russia it would likely open up a second front with the other, a US senator said Beijing and Moscow could cooperate in a conflict over Taiwan, the top US intelligence chief told the US Senate this week. “We see China and Russia, for the first time, exercising together in relation to Taiwan and recognizing that this is a place where China definitely wants Russia to be working with them, and we see no reason why they wouldn’t,” US Director of National Intelligence Avril Haines told a US Senate Committee on Armed Services hearing on Thursday. US Senator Mike Rounds asked Haines about such a potential scenario. He also asked US Defense Intelligence Agency Director Lieutenant General Jeffrey Kruse
INSPIRING: Taiwan has been a model in the Asia-Pacific region with its democratic transition, free and fair elections and open society, the vice president-elect said Taiwan can play a leadership role in the Asia-Pacific region, vice president-elect Hsiao Bi-khim (蕭美琴) told a forum in Taipei yesterday, highlighting the nation’s resilience in the face of geopolitical challenges. “Not only can Taiwan help, but Taiwan can lead ... not only can Taiwan play a leadership role, but Taiwan’s leadership is important to the world,” Hsiao told the annual forum hosted by the Center for Asia-Pacific Resilience and Innovation think tank. Hsiao thanked Taiwan’s international friends for their long-term support, citing the example of US President Joe Biden last month signing into law a bill to provide aid to Taiwan,
China’s intrusive and territorial claims in the Indo-Pacific region are “illegal, coercive, aggressive and deceptive,” new US Indo-Pacific Commander Admiral Samuel Paparo said on Friday, adding that he would continue working with allies and partners to keep the area free and open. Paparo made the remarks at a change-of-command ceremony at Joint Base Pearl Harbor-Hickam in Hawaii, where he took over the command from Admiral John Aquilino. “Our world faces a complex problem set in the troubling actions of the People’s Republic of China [PRC] and its rapid buildup of forces. We must be ready to answer the PRC’s increasingly intrusive and
STATE OF THE NATION: The legislature should invite the president to deliver an address every year, the TPP said, adding that Lai should also have to answer legislators’ questions The Chinese Nationalist Party (KMT) yesterday proposed inviting president-elect William Lai (賴清德) to make a historic first state of the nation address at the legislature following his inauguration on May 20. Lai is expected to face many domestic and international challenges, and should clarify his intended policies with the public’s representatives, KMT caucus secretary-general Hung Meng-kai (洪孟楷) said when making the proposal at a meeting of the legislature’s Procedure Committee. The committee voted to add the item to the agenda for Friday, along with another similar proposal put forward by the Taiwan People’s Party (TPP). The invitation is in line with Article 15-2