UPDATE 2-Nasdaq opens in Beijing, eyes more China listings
(Writes through with comments by Nasdaq officials)
By Jason Subler and Rita Chang
BEIJING/HONG KONG Dec 3 (Reuters) - Nasdaq, the No. 2 U.S. stock exchange, set up shop in Beijing on Monday as it looks to attract more Chinese firms to list on the exchange instead of alternatives such as Hong Kong.
Stock exchanges around the world are trying to lure Chinese firms to list with them as investors seek to capitalise on the rapid growth of the world's fourth-largest economy.
The Nasdaq Stock Market Inc (NDAQ.O: Cotización) trades the shares of 52 Chinese companies with a combined market value of $57 billion.
Nineteen have joined Nasdaq so far this year, compared with nine in 2006, and there will be at least one more listing this year, Guang Xu, Nasdaq's chief representative for China, told a news conference.
"We've got a very strong pipeline," Xu said of the prospects for Chinese listings in 2008, but he declined to put a figure on it. Energy-related companies could be especially active, he said.
Xu, who will head the Beijing office, said Nasdaq itself would consider listing its shares in Shanghai if China changes its regulations to permit listings of foreign companies.
Nasdaq reached deals this year to take over the Philadelphia and Boston exchanges and to buy Nordic market operator OMX jointly with Borse Dubai. Continuación...