01-13-2008
By Park Hyong-ki
Staff Reporter
The Korea Exchange (KRX) is seeking to attract more foreign companies to go public on the Seoul stock market. It said securities firms have already signed underwriting contracts with 19 overseas companies.
The KRX noted that at least 10 companies based in China and Japan will be listed on the KOSPI and the Kosdaq by the end of this year. T's FUTURE, a Japanese PC recycling company, is expected to become the first Japanese firm to be listed on the Kosdaq after applying for an initial public offering (IPO) last week.
As part of its globalization plans for 2008, the KRX said, ``We will eye beyond China to attract a larger number of foreign listings.'' It added it will aim to attract companies from Cambodia, Laos, Kazakhstan, Russia and the United States.
To this end, it plans to hold investors seminars overseas, including Vietnam and Cambodia, beginning in Tokyo, Japan next Tuesday and in Liaoning, China in March.
The exchange has agreed with Cambodia and Laos to support the development of their capital markets, and is moving to export its technology for IT trading systems there alongside Vietnam.
So far, the exchange has listed two Chinese firms, one each on the KOSPI and Kosdaq last year. 3NOD Digital Group, a Chinese digital audio manufacturer, listed its shares on the Kosdaq, while Huafeng Textile listed through depository receipts on the main bourse. Cowell Holdings, a producer of camera modules for mobile phones, is set to become the second Chinese listing after 3NOD on the Kosdaq as the company is set to go public by the end of the month, the KRX said.
Besides attracting Chinese firms, the Kosdaq division of the exchange is actively pursuing the listings of U.S. tech firms as well.
On top of the ongoing efforts to increase foreign listings on the stock market, the exchange said it will revise disclosure rules, and allow foreign companies to make public notices in English, instead of in Korean, by the end of this year.
Currently, all firms, including foreign entities, are required to disclose their quarterly and semiannual business reports in Korean, according to the Financial Supervisory Commission.
The exchange said, ``Further discussions with related officials are needed to move in that direction.''
By Park Hyong-ki
Staff Reporter
The Korea Exchange (KRX) is seeking to attract more foreign companies to go public on the Seoul stock market. It said securities firms have already signed underwriting contracts with 19 overseas companies.
The KRX noted that at least 10 companies based in China and Japan will be listed on the KOSPI and the Kosdaq by the end of this year. T's FUTURE, a Japanese PC recycling company, is expected to become the first Japanese firm to be listed on the Kosdaq after applying for an initial public offering (IPO) last week.
As part of its globalization plans for 2008, the KRX said, ``We will eye beyond China to attract a larger number of foreign listings.'' It added it will aim to attract companies from Cambodia, Laos, Kazakhstan, Russia and the United States.
To this end, it plans to hold investors seminars overseas, including Vietnam and Cambodia, beginning in Tokyo, Japan next Tuesday and in Liaoning, China in March.
The exchange has agreed with Cambodia and Laos to support the development of their capital markets, and is moving to export its technology for IT trading systems there alongside Vietnam.
So far, the exchange has listed two Chinese firms, one each on the KOSPI and Kosdaq last year. 3NOD Digital Group, a Chinese digital audio manufacturer, listed its shares on the Kosdaq, while Huafeng Textile listed through depository receipts on the main bourse. Cowell Holdings, a producer of camera modules for mobile phones, is set to become the second Chinese listing after 3NOD on the Kosdaq as the company is set to go public by the end of the month, the KRX said.
Besides attracting Chinese firms, the Kosdaq division of the exchange is actively pursuing the listings of U.S. tech firms as well.
On top of the ongoing efforts to increase foreign listings on the stock market, the exchange said it will revise disclosure rules, and allow foreign companies to make public notices in English, instead of in Korean, by the end of this year.
Currently, all firms, including foreign entities, are required to disclose their quarterly and semiannual business reports in Korean, according to the Financial Supervisory Commission.
The exchange said, ``Further discussions with related officials are needed to move in that direction.''
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