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China Important to NASDAQ: CEO
2005-12-03 14:27:07      CRIENGLISH.com
China has become an incredibly important market to the US NASDAQ and the country has become the single largest source of IPOs outside the US itself during the last 18 months.

  

  

China has become an incredibly important market to the US NASDAQ High Tech Index and the country has become the single largest source of Initial Public Offerings (or IPOs) outside the US itself during the last 18 months. The President and CEO of NASDAQ, Robert Greifeld, outlined these developments while visiting Beijing.

The NASDAQ President and CEO is currently in Beijing for a 4-day visit, meeting Chinese business leaders who have had their companies listed on the NASDAQ, or who are currently thinking about listing.

According to Robert Greifeld, up till now, 24 Chinese companies have listed on the NASDAQ, with a combined market capitalisation in excess of $15 billion US. Eighteen of these have listed on the NASDAQ in the past two years.

In a news conference after a public address at Tsinghua University, Robert Greifeld gave his thoughts on the qualifications required for companies to list on the NASDAQ.

"The first thing is a sustainable business model and the second is good corporate governance practice."

He indicated that the NASDAQ is actively contacting Chinese companies, hoping to attract the most qualified to the market through the NASDAQ's advantages of transparency and technological efficiency.

He refused to disclose whether there are any Chinese commercial banks in contact with NASDAQ currently regarding IPOs, instead saying that the NASAQ is in the process of contacting various industries in China.

When asked about China's on-going capital market reform, Mr Greifeld confirmed that the efforts being made by China are evident.

"The Chinese capital market system and exchange in particular has made remarkable progress in a very short of time."

The NASDAQ is the US' largest electronic stock market and has had a presence in China for eight years. Robert Greifeld joined the NASDAQ in May 2003 and since then has successfully led the market through a time of sweeping change in the capital markets.

(Photo:The President and CEO of NASDAQ, Robert Greifeld at Tsinghua University, Nov 30.)

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