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.
(Xinhua News Agency December 3, 2007)
