The New York Stock Exchange will officially open its Beijing office on December 11, in a step to woo more initial public offerings in China’s red hot economy, state media reported.
NYSE Euronext (NYX) Chief Executive Officer Duncan L Niederauer would travel to Beijing to launch the Exchange’s centre of operations for China, official Xinhua news agency said.
NYSE Euronext, a holding company created out of the merger of the NYSE Group and Euronext N V in April, operates the world’s largest and most liquid exchange group.
NYSE was the first foreign exchange to have received approval from the China Securities Regulatory Commission (CSRC) to open a representative office in Beijing.
Catherine R Kinney, president and co-chief operating officer of NYSE Euronext, had said during her recent trip to China that the opening would be a historical event for both the New York-based stock exchange and global capital markets.
The NYSE now lists 49 Chinese companies, including 38 from the country’s mainland. Others include six Hong Kong firms and five from Taiwan.
Fourteen Chinese mainland companies have launched initial public offerings on the NYSE. As of November 30, the total market capitalisation of Chinese mainland companies on the NYSE was USD 1.1 trillion.