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| NYSE Seeks More Chinese Companies |
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After winning over three Chinese companies to list on its main board in the first quarter, the New York Stock Exchange (NYSE) plans to attract more and is in talks with over 20 Chinese companies for that purpose. After Tongjitang Chinese Medicines Company was listed on the NYSE last month, two more Acorn, a direct TV shopping company, and Simcere, a pharmaceutical firm have announced their intention to list on the NYSE. "We expect a very good year in terms of Chinese companies coming to our market, and will easily surpass last year's performance," Noreen Culhane, executive vice-president of NYSE Group, said yesterday. NYSE last year saw the listing of four Chinese companies Trina Solar Limited, New Oriental Education & Technology Group Inc, Mindray Medical International Limited and American Oriental Bioengineering Inc. The first three were initial public offerings. On her trip to She didn't disclose the names of these companies, but said the speed of listing would depend upon their talks with the Securities Exchange Commission, the So far, 21 companies from the mainland have listed on the NYSE, with a total market capitalization of $599 billion. "The performance of these Chinese companies in the The average share price appreciation of the three companies that went for IPOs last year was 127 percent. She added that the interest of US investors in Chinese companies is very strong, and the trading volume of Chinese shares and dollar value of that trade significant. Culhane said she didn't see NASDAQ Stock Market Inc as a strong competitor in weaning away quality Chinese companies. She said NASDAQ focuses on technology while "NYSE seeks to be a well-diversified market in terms of industry, company size, and geography". (
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