Nasdaq president: we’re not competing with Hong Kong for Chinese listings
Adena Friedman denies rivalry even as more Chinese companies are delisting from US indices and moving back home
The president of Nasdaq has insisted the bourse is not competing for the same companies as Hong Kong, despite a growing number of Chinese companies opting to stay on home turf rather than head for the United States to list.
The second-largest exchange in the world, New York-based Nasdaq is known internationally as the place to be for technology companies.
Hong Kong Stock Exchange is the most popular market for mainland Chinese stocks, though it loses out to other exchanges when it comes to Chinese technology companies, and has proposed launching a third board, possibly as a way of attracting more technology listings.
But chief operating officer and president Adena Friedman, in Hong Kong on Thursday to meet with clients like Hong Kong Exchanges and Clearing that use Nasdaq’s technology, claimed the index was not in competition with Hong Kong.
Not only is there no rivalry, but the two companies are working together, with Nasdaq providing surveillance technology for the Shanghai-Hong Kong Stock Connect and the new Shenzhen connect scheme which is due to be operational by Christmas.
“They’re very important clients,” she told the South China Morning Post. “We always look at if there are more things we can do with them from a business perspective.”