BIZCHINA / Center |
China prepares foreign listings(Reuters)Updated: 2006-12-15 17:39 More than 30 Chinese companies are preparing to sell and list shares on Germany's stock exchange, as overseas competition for Chinese listing candidates heats up, the Shanghai Securities News said on Friday. Two to three of the Chinese firms, including Shandong Gongyou Group, a
machinery manufacturer based in the eastern province of Shandong, are expected
to list in Germany in the first half of next year, the newspaper said.
"Listing in Germany will provide those companies planning mergers and acquisition s in Europe the access to euro financing," Preysing was quoted as saying, adding that Germany's listing costs are "relatively low." Officials of overseas stock exchanges, such as those in Seoul and Singapore, have made frequent visits to China to woo listing candidates as foreign interest in Chinese equities rises, fueled by China's break-neck economic growth.
Hong Kong is increasing efforts to lure more privately-owned Chinese companies in the booming southeastern Chinese province of Zhejiang . Chinese securities officials have recently expressed concerns about the potential massive loss of Chinese companies to foreign bourses, urging local exchanges to take measures to beef up their competitiveness. "The competition for market resources is sharpening in Asia and the world's capital markets," Tu Guangshao, vice chairman of the China Securities Regulatory Commission , told a seminar in Shanghai this month. "Our stock market is flushed with liquidity and the situation will remain the
same for the next few years. We must seize the great opportunity to develop our
market," Tu said.
(For more biz stories, please visit Industry Updates) |
|