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Stock Markets Bring on the Bourses

By Lynn Gray,2014-02-17 20:23
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Stock Markets Bring on the Bourses

    Stock Markets Bring on the Bourses

    StockMarkets

    BringOlltheBourses

    NewregulationsnowallowoverseasstockexchangestosetupofficesinChina

    byMAoXING

    C

    than20yearsofexperiencebeforethey applytosetupinthelocalofflces,which wmberestrictedtoliaison.promotionand researchonly.Thosewhosehomecountries havenotsignedmemorandumsofunder- standingregardingsupervisioncoopera tionarebarredfromopening

    omCeshere.Theboursesmust

    filetheirplansforlarge.scale promotionalcampaignswith

    theregulatorycommissionand

    maynotimplementthemuntil

    receivingago.aheadfromthe

    regulator.

    Therules,effectivefuly

    i,alsorequiretheofficesto

    submitwrittenreportstothe

    CSRCwithiniodaysofgiv

    ingseverepenaltiestoanyof

    thecompanieslistedontheir

    stockexchanges.0ncethe

    localofficesareoperational, no1essthanhalfofthestaff

    mustbeChinesenationals.In addition,theregulatorVOWSto slapheavypunitivemeasures onanyirregularitiesandviola tionscommittedbytheforeign exchanges,includingconfisca tionofillegalincomeandclo 34ChinaInternationalBusinessIAugust2007

    sureoftheoces.

    Thewidenedaccess

    toChinesemain1and

    companiesisasignalof

    justhoweagerlyforeign

    exchangesareworkingto

    woolucrativeIPOsfrom

    fast-growingChinesefirms. Chinesecompanies

    raisedacombinedRMB

    I46.3billion(USD19.i

    billion)in2oo6onthe

    ShanghaiStockExchange

    byfloatingyuan.denom.

    inatedClassAshares,accordingtoa reportbyNewYork.basedErnst&Young. Theproceedsareexpectedtodoublein 2007,ridingtheongoingbullrunof theoverallmarket,theaccountingfirm predicted.Theforecastwasechoedby

    IPMorgan.sheadofChinaequitiesIing Ulrich,whoestimatedthatIPOson ShanghaiandShenzhenthisyearwould amounttoasmuchasUSD3obillion. Thepolicychangecomesdown

    amidconcernsthatthemountingenthu. siasmforsharelistings

    onChina'sstockmarkets

    wouldeventuallyleadto

    afundstrainonChina's

    twoexchanges,creatinga

    needforoverseasavenues

    ofexpansion.Thenew

    rulescoincidewiththe

    country.soutward.bound

    Programtoencourage

    domesticfirmstosecurea

    footholdinoverseasmar-

    kets.Thegovernmentis

    alsoencouragingdomestic

    companiestoaddvaluetotheirproducts andmakethemmoretechnologyinten- sive,inanefforttomovetheproductsup thevaluechainworldwide,ratherthan saturatethedomesticmarket. Overseasexchangesarewastingno timeindrawingupplanstorexpansion intoChina,aimingtowinovermoreIPO salesfromthemainland.

    '.Settingupshoplocallywillallow

    ustoconductmanymorepromotional activitiesontheground.andtobein closertouchwithChinese companies,"saidRainerReiss, aFrankfurt.basedmanaging directoratDeutscheBoerse,to Bloomber~NewsinMay.

    China'sGDPisexpected

    togrowio.8percentin2007, followingaio.7percentincrease ayearearlier,saysthePeople.s BankofChina,andsustainable economicgrowthandanabun. dantsupplyoffundshavemade iteasyforChinesecompanies toaccesslocalstockmarkets. Thebuoyantmarketshaveeven promptedHongKong-listed Chinesemainlandfirmsto floatyuan.denominatedClassA shares.Thesemovesiivewith themainlandregulator'swish toenhancetheoverallquality ofstocks.

    IndustrialandComm.

    ercialBankofChina,thelarg. .

    estcommerciallenderin

    China,nettedUSD2i.9

    billioninaHangKong-

Shanghaiduallistinglast

    year,theworld'slargest

    IPOsale.

    InFebruary,Ping

    An(Insurance)GroupCo.

    raisedRMBii.66billion

    (USDI.53billion)inits

    stocksaleonthe'Shanghai

    exchange,theworld'slarg-

    estshareofferingbyaninsuren HangKong-~adedShenhuaEnergy Co.,themainland.sbiggestcoalproduce~ recentlyunfoldeditsplantonetRMB 47.8billionfUSD6.29billion)onthe mainlandbyofferingA.shares.Shenhua becamethelatestHongKong.1istedcam. panytoplanmaimandlistingofferChina CoscoHoldingsCo.,themainland'slarg. estcontainercarrier,successfullyraised -

    RMBI.ibillion(USD2billion)infunds fromitsA-sharesalesinShanghai. ThestockofferingspreeinChina haswhetappetitesofoverseascompeti- tarswhotoutedforeignexchangesasa gatewaytotheworld."An

    overseaslistingishelpful

    forcompanieslookingfor

    strategicacquisitionsand

    brandrecognitionabroad,"

saidReiss.ANewYbrk.

    1istedarmofaChinese

    companywouldbeableto

    moreeasilymakebuyout

    dealsoverseas.

    OnMay22,theTokyo

    StockExchangesaiditis

    planningtosetupitsfirstofficeinBeijing tolLiraChinesemainlandcompaniestolist inJapan.AndataBeijingprivateequiW conferenceonMay26,XuGuangxun, chiefChinarepresentativeforNasdaq,as wellaslaneZhu,Asia.Pacificheadofthe LondonStockExchange,bothconfirmed planstoestablishanomcahere.

    NasdaqsaidinAprilitwilllaunch anindextrackingUnitedStates.traded Chinesecompaniesinanef.f0rttolure moremainlandcompanies.

    "Chinaisanextremelyexciting

    marketforNasdaqand,Ithink,forour competitorsoutthere,there'sbeena significantamount

    Landheer,Nasdaq

    AsiaPacifichead.

    ofactivity,"saidEric

    StockMarketInc.'s

    Inzoo6,atotalof86firmsman-

    agedtosellsharesonmarketsoutsidethe Chinesemainland,comparedto8iayear

    earlier.Thefirmsraisedproceedsworth acombinedUSD44billion,accordingto areportbyZerozIPO,aresearcherfocus. ingonChina'sventurecapitalandprivate equiWinvestment.Thetotalvalueofthe proceedsmorethandoubledthoseof

    2004,upfromUSD20.billion.

    Buttheroadaheadisabouttoget

    tougherforChinesefirmswithplansto gopublic.TheStateAdministrationof ForeignExchange(SAFE)isreportedly goingtostepuptbrexcontrolswhen

    reviewingtirmsapptylngforoverseas listing.AndifSAFEweretoimplement stricterrulesonventurecapita1.backed technologyfirms,thepaceofoverseas listingswouldslow,analystssay.Newpol1. ciascouldbereadasasiena1thatSAFEis promotingahighstandardofqualityfor companieslookingto1istontheChinese mainland.

    tightanddemandbeingsohighoffice vacanciesincentralbusinessdistrictsintier-one citiesareatanall-timeIow,Supplyanddemand aswellasgovernmentpc41cyoreshapingthe market.Worldwidebusinesscompaniesnewto Chinaorenowfindingftist-tiercitiestobethe ldealstaffingpointfortheirChinapresence Pureof|Iceprolect

    FacinguptothegreatpotentialofChangAnAve'

    seconomyInBeijingGIoryChinaCenter,an elegantIondmorkpureofficeprolectIocatedon theprestigiousChangAnAvenue.whichgivesthe ProjectasuperiorandexceptionaIposition.ItIs theonlyroutewithaccesstotheJiangguomen BusinessDistrictandtheCBD.GIoryChlnaCenter providesasoundenvfronmentforcompanies. DondonParkandDongdanGymontheather ◎◎獭

    TOPBUSINESS

    Actingeody

    GloryChinoCenterbeginsunvellir~lthIs8uml~andto_B&Eale

    availablebytheendofJune.Theleaseagreementfortheofficetowe~s

    canbesignedfromnowon.

    streetprovidetheofficeswithagoodview.The projectconnectswhLine1andLine5ofthe subwaysysteminbasement1andenjoysthe highestoccesslbllvtothepublictronspofl

    neiwork.

    Meticulousplanning&design

    meorchitecturoIsMeofGloryChinaCenter combinestradltionalChineseorchitectural elementsandwesternclassicaIconcepts, comprisingflvetowerbuildingsfTowerAC, andE.m;ssplendid54owerdesignTowerAB

    andEhave18floors,whileTowerChas23floorsJ occupiesatotaIareaof250000squaremeters. Whichextendsf0mcentraItowerCwhichhasa

    13meterhighgrandlobbvandan86metersunlit

atfumwhichdirectlyleadstothetoPf0mthe4th

    floor.It;srenderedasanexceptionaldesign fealureofAsianarchitecture.megrand20000 squaremeterscenicsquareprovidesanextensive viewinacamfoflableenvironment.

    GloryChinaCenterhasgreatinteriordesign stuctureforitsstondardofficetioors.mereason

    ablewindowtocoredlstonceandtheextensive oPenablewlndOWSensurethesufficlentnaturaI lighting.ThegistoftheInteriordesignistoprovide perfect,intergr~edandpracticalspacethatcon beflexiblypartitionedtosofts(thediversifiedneeds ofdifferententerprlses.

    ToPQualitySpecification

    TheexcellentplanninganddesignmakesGlory ChlnaCentelsuperiortonormaIgadeAstandad

    olces.TheIow_Eglasscualnwa?enabIes

    su仟『cien1sun"gmtopenetatethrough.Pfen?of

    feshaIr4050m3,hpeon]conveonfIeb?计y

    toa4pipeaIcond}?oningsyemnojseeIimInat

    lngpa1onmenalsandquIe1aIr_condnbnInga?

    ensueahe0fthyandc0wongenr0nment.43 ImDonedSchindIereIevat0f0mswzerIand

    guaanfeeefflcIen1verncaItansponat1oneven

    durIngpe0khou.TheExhIbmonCen1eronthe4th ofwerCDr0vfdesWfre{ess1teretaccess.AII

    convenienceshaveaeadVbeenc(eedfor.

    chinaInternatlonaIBusinessIAugust2OO735 一的

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