State firms cleared to list

PUBLISHED : Tuesday, 03 May, 1994, 12:00am
UPDATED : Tuesday, 03 May, 1994, 12:00am

CHINA'S state-owned enterprises can apply for a listing on the Nasdaq Stock Market in the United States following last week's signing of a memorandum of understanding between the Chinese and US securities watchdogs.

The regulatory framework will essentially pave the way for a US listing by the enterprises on the New York Stock Exchange or the electronic trading system.

Five concerns among a second batch of 22 state-owned enterprises have been allowed to seek a listing in the US, in which the stock market commands a higher liquidity.