December 11, 2007 / 9:19 AM / 12 years ago

NYSE Euronext joins march of bourses to Beijing

BEIJING, Dec 11 (Reuters) - NYSE Euronext NYX.N, parent of the New York Stock Exchange, on Tuesday opened its Beijing office, joining a march of bourses to China in search of potential new corporate listings.

The move comes a week after the No. 2 U.S. stock exchange, Nasdaq Stock Market Inc (NDAQ.O), also set up shop in Beijing and ahead of high-level Sino-American talks this week in the capital.

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.

“There are probably no more important capital markets in the world,” Duncan Niederauer, CEO of NYSE Euronex, said at the opening, referring to the China and U.S. markets.

“China is a very, very important priority for me and the company.”

China is already the largest source of listed companies on the NYSE from the Asia-Pacific region, he said, noting that shares of 36 companies from China, seven from Hong Kong and five from Taiwan trade on the NYSE.

But Hong Kong is still the preferred location for Chinese firms to list. This year, 49 Chinese companies have listed in Hong Kong, raising US$28.6 billion, according to Dealogic. The total market capitalisation of NYSE Euronext listed companies reached $30.8 trillion at the end of November, larger than the next four exchanges combined, Niederauer said.

Reporting by Kirby Chien; Editing by Anne Marie Roantree

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