Wireless messaging and information technology group Champion Technology said it had no plans for a secondary listing on the Nasdaq, preferring instead to focus on its core businesses to enhance shareholder value. 'In this industry, a company's share price reflects the value of its know-how, which is what we are selling,' said chairman Paul Kan Man-lok, who has more than 30 years' experience in the industry. He said Champion had contacted Nasdaq less than five years ago, but turned down a possible listing. 'People don't realise listing on the Nasdaq requires a lot of work. It is not as easy as many people think,' Mr Kan said, adding an overseas listing required months of preparation compiling and updating disclosure documents. 'Is it worth management diverting so much attention to a listing whose benefits may not be significant? 'We even de-listed our UK offshoot Multitone Electronics after acquiring it because we did not want to manage complicated and time-consuming compliance requirements.' Including its manufacturing and distribution arm Kantone Holdings, the group has two listed entities in Hong Kong. Foreign investors can invest in Champion by purchasing its US-traded American depositary receipts or buying its Hong Kong-traded shares. He said if the group had substantial operations in the US, a US listing might be more relevant. 'Having a Nasdaq listing does not guarantee your company can float at a higher price/earnings ratio as people are still going to look at whether your company is truly a high-tech company and whether your management is experienced in managing hi-tech business,' he said. Mr Kan said his company had often been misunderstood to be solely a paging operator because of its invention of the Chinese character paging technology. In addition to providing paging services and selling equipment, the company also provides other applications such as wireless office design, trunked radio fleet management, on-line banking and point-of-sale transactions. The company last year spent about $250 million on research and development of software and products, of which about $25 million, or about 3 per cent of its $1.27 billion in sales was spent on developing new technology.