Nasdaq takes a bold new step in cooperating with Zhongguancun
Updated: 2011-09-30 08:16
By Xu Dingmu (China Daily)
Representatives from the Zhongguancun National Innovation Demonstration Zone and Nasdaq sign a strategic cooperation agreement, on September 29, at the Zhongguancun Forum, in Beijing, establishing a long-term partnership to help companies in the zone.
Beijing's Zhongguancun National Innovation Demonstration Zone signed a cooperation agreement with the US' Nasdaq on a long-term partnership to help companies in the zone get listed by providing favorable opportunities through various forms of exchange and cooperation, on September 29, in Beijing.
The Zhongguancun National Innovation Demonstration Zone is an intense center of high-tech industrial activity, while Nasdaq (National Association of Securities Dealers Automated Quotations) is the major securities exchange in New York City.
"The whole world is celebrating with China because it has broken some limits of innovation," commented Robert Greifeld, president and CEO of Nasdaq. "Besides, China has had many achievements by individuals, companies and technological innovations in Nasdaq," Greifeld added.
"We have many creative ideas, but more importantly, we need to realize these ideas through different ways."
According to the agreement, the two will set up a team to reorganize companies before they are listed on the stock exchange. It will also increase communication on companies and policies changes and provide services after companies are listed as well as hold seminars and exchange programs.
The agreement marks a new step in cooperation and Nasdaq has become a major place for Zhongguancun's companies to go public overseas, thanks to its ability to attract high-tech companies. At least, 29 companies, including Baidu, Sina, and Sohu.com have been listed on Nasdaq.
Greifeld said that, in 2010, the companies with the best performance were mostly Chinese. About 160 Chinese companies are listed on Nasdaq, which has offices in Beijing and Hong Kong.
Among Zhongguancun's companies, 39 were listed on various exchanges in 2010 and 15 got approval to be listed in 2011. The zone has a total of 190 listed, 76 of them overseas.
"We expect that Chinese companies can provide bigger support to Nasdaq and have more innovation and development," Greifeld said.
The Zhuangguancun zone signed a cooperation agreement with the New York Stock Exchange's operator, NYSE Euronext, in April of this year. It calls for NYSE Euronext to provide training for Zhongguancun companies to go public on the NYSE.
Some of its companies, such as Zhongguancun Youku, Dangdang, and SouFun are already listed on NYSE Euronext.
The head of the Zhongguancun Forum's organizing committee, Xu Guanhua, said the zone will become the most influential high-tech, innovation center in 10 years and will contribute to the country's economic transformation.
(China Daily 09/30/2011 page7)