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Enoch Yiu

The Nasdaq Stock Market will appoint a representative in China as the United States technology board steps up competition with  other stock exchanges for listings of mainland companies.

Nasdaq Asia Pacific senior managing director Stuart Patterson   said an appointment made  within the next few weeks for its  first representative officer   would be based in Beijing or Shanghai.

'There is keen competition between  exchanges  for business in China,' Mr Patterson told the South China Morning Post in  Hong Kong.

'When I was in China, I could always find people from other exchanges there - I met  representatives from  Toronto Stock Exchange of Canada in Shenzhen and from Japan's second board Mothers in Xiamen.'

The London Stock Exchange will open its first Asian office in Hong Kong on October 25.

It will also target mainland  companies for listing.

Mr Patterson said the soon-to-be appointed representative would handle promotion and communications for  Nasdaq in the mainland to attract listings.

London Stock Exchange chairman Chris Gibson-Smith  has said the implementation of the Sarbanes-Oxley Act in the US two years ago has added an enforcement burden for new firms listing on US markets. This left  London as a cheaper, friendlier alternative.

Mr Patterson said the Nasdaq would not relax its listing requirements to entice  Chinese companies to list.

'We will not relax our regulation to compete for new listings,' he said.

'The Sarbanes-Oxley Act is sending a clear and accurate message to the Chinese companies - if you have problem, don't come here to list.

'If any of these Chinese companies want to raise funds in the largest pool of assets in the world, they should clean up their problems before seeking  a listing in the US.'

Since mainland firms began issuing shares on overseas markets, about  280 have listed in Hong Kong, more than 20 also have US listings, and only five in London.

The Nasdaq has 12 mainland firms on its books   while six plan to list  this year.



Nasdaq steps up push  to draw mainlanders