BEIJING: Nasdaq OMX Group Inc, the parent of the Nasdaq Stock Market, expects more initial public offerings (IPO) by Chinese companies this year after the US IPO market rebounds in the second quarter, a senior executive told China Daily on Wednesday.
"Although the market has been choppy in the US over the past two months, there is a huge pipeline of companies in China that are keen on Nasdaq floats this year," said Robert McCooey Jr, senior vice-president for new listings and capital markets of Nasdaq.
McCooey made the remarks in an interview on the sidelines of a conference in Beijing, attended by more than 250 participants including representatives from investment banks and Chinese companies that are keen on US-based IPOs.
The US IPO market will recover in the second quarter of the year as the overall situation stabilizes and Washington's fiscal policy and financial regulations become clearer, he said.
Over 33 Chinese companies listed on the Nasdaq in 2009, including nine IPOs, bringing the total to date to 124. The listing of China's largest online game operator Shanda Games in 2009 was one of the largest US IPOs ever, raising a total of $1.04 billion.
McCooey said Nasdaq would continue its discussions with the Shanghai Stock Exchange on the listing, adding the two sides are yet to reach a final agreement.
A number of overseas companies, including global banking giant HSBC and NYSE Euronext, the parent of the New York Stock Exchange, have expressed interest in listing on Shanghai's international board.