Stocks News
- NYSE to inaugurate Beijing office next week
Date: 4-Dec-2007 Sources: (Xinhua Online)
BEIJING, Dec. 3 (Xinhua) -- The New York Stock Exchange (NYSE) will officially inaugurate its Beijing office next week, the exchange said on Monday.
NYSE Euronext (NYX) Chief Executive Officer Duncan L. Niederauer will travel to the Chinese capital to host the grand opening on Dec. 11 in his first overseas trip since becoming exchange boss earlier this year.
NYSE Euronext is a holding company that was created by the merger of the NYSE Group, Inc. and Euronext N.V. in April. NYSE Euronext started trading on April 4 and now operates the world's largest and most liquid exchange group.
On Sept. 4, it was announced the NYSE had received approval from the China Securities Regulatory Commission (CSRC) to open a representative office in Beijing. It was the first foreign exchange to receive such approval. Since July 1, representative offices of foreign exchanges have been allowed to set up in the country if approved.
The new office will become the NYSE's center of operations for China in advancing its brand and services to its listed companies operating in the country.
Catherine R. Kinney, president and co-chief operating officer of NYSE Euronext, said during her recent trip to China in September that the opening was a historical event for both the New York-based stock exchange and global capital markets. It would help the NYSE to woo more initial public offerings in the fast-growing Chinese economy.
The NYSE currently lists a total of 49 Chinese companies, including 38 from China's mainland. Others listed include six Hong Kong companies and five from Taiwan.
This year, 14 Chinese mainland companies have launched initial public offerings on the famed exchange. As of Nov. 30, the total market capitalization of Chinese mainland companies on the NYSE was 1.1 trillion U.S. dollars.
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