NYSE CEO highlights China's importance
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17:08, December 10, 2007
China is a very important place to the global strategy of New York Stock Exchange (NYSE) Euronext, chief executive officer (CEO) Duncan L. Niederauer has said.
Niederauer told Xinhua reporter in a recent exclusive interview that China is a place where the NYSE group will spend much time in the coming years building up relationship with China.
The group was announced on Sept. 4 as the first foreign exchange to gain approval by the China Securities Regulatory Commission to open a representative office in Beijing.
Niederauer left here Sunday for Beijing on his first overseas trip since he took office as the new CEO of NYSE Euronext on Dec. 1. He will attend the opening ceremony of the company's first office in Beijing.
"We were the first exchange as to be given the privilege to open a representative office in Beijing, and we planned the opening coincidentally shortly after my taking the top job. It's busy time but China is very an important place to us, and we are honored to be the first exchange to be given the privilege," said the CEO. "I expect I will be back three or four times going forward."
The NYSE Euronext group currently has 49 companies listed from China, including 38 from the mainland, six from Hong Kong and five from Taiwan. This year, 16 new companies from China have listed on NYSE, including 14 IPOs (Initial Public Offerings).
The total market capitalization of Chinese mainland companies on the NYSE is 1.1 trillion U.S. dollars and for greater China is about 1.6 trillion dollars.
"I think it has been a terrific year for us with companies coming here from China. I understand we have possibly a couple of more to come before the end of the year, so I think there will be close to 50 companies listed here by the end of the year," said Niederauer.
"For the Chinese companies, who have global ambition, whose products are sold outside Asia, I don't think there is a better place they can be listed," he said, adding that NYSE Euronext is a global brand, and the United States is still an important capital market.
"I think in 2008 the future is very bright. We will accomplish and we've already accomplished without an office in Beijing, without really a presence in China," the CEO said. "We hope that by having an office there, we are being able to be a more effective partner, and we can even have more success in 2008 and beyond."
Source: Xinhua
