Capital Markets

Report Says NYSE May List in China

The Chinese stock market is said to have interest in making the New York exchange its first foreign listing.
Stephen TaubApril 14, 2008

The New York Stock Exchange may list its shares on the Chinese stock market, which would make it the bourse’s first foreign listing, according to a Reuters report.

A Chinese financial Website, Caijing.com.cn, asserted that China’s stock market watchdog thinks favorably of such a listing because of the Big Board’s perceived value, stability, and regulatory standards, the wire service said.

The Chinese site, managed by the well-respected financial magazine Caijing, reportedly attributed the report to an unnamed official at the China Securities Regulatory Commission. However, Reuters stressed that it was not clear whether the report was referring to NYSE Euronext.

Back in December, the NYSE became the first foreign bourse to win regulatory approval to establish an office in Beijing, according to Reuters. At the time, nearly 40 Chinese companies were already listed on the NYSE.

The Chinese have reportedly promised to consider opening its domestic exchange to listings by foreign firms and what are called “red chips” — Chinese firms registered overseas and trading on the Hong Kong market.

China’s benchmark index, SSEC, has dropped more than 40 percent from its October peak, according to Reuters.