} ?>
(Yicai Global) June 28 -- China still represents a “tremendous opportunity” for the Nasdaq, the Asia-Pacific vice chairman of the New York-based stock exchange said during an interview with Yicai Global.
“We fundamentally believe that China is a really important market for Nasdaq,” Robert McCooey told Yicai Global at the World Economic Forum’s ongoing Annual Meeting of the New Champions, also known as Summer Davos Forum, in the Chinese city of Tianjin.
“We’re going to consistently be here to tell the Nasdaq story to the great entrepreneurs of China,” he said.
In early 2011 and 2012, just a few Chinese firms carried out initial public offerings on the Nasdaq, McCooey noted, adding that the figure rose to 15 in the middle of 2015 and peaked at 50 in 2021. “We are very positive on the long-term outlook,” he said.
When asked about the outlook for Asia-Pacific companies listing in the US, McCooey said that despite the market continuing to grow, the past 18 months have been fairly quiet, as many listings have been smaller offerings.
One of the reasons for the fewer and smaller listings were the auditing issues related to the implementation of the Holding Foreign Companies Accountable Act and the Public Company Accounting Oversight Board, which were resolved last autumn, clearing the way for businesses to go public on the Nasdaq or in the US in general, he pointed out.
Once the risks were cleared, opportunities became bigger, McCooey noted. “This could be one of the biggest weeks for IPOs so far this year,” he said, explaining that more firms, including some from the member countries of the Association of Southeast Asian Nations, will land on the Nasdaq this week.
“The US market is beginning to open up,” McCooey added, noting that the success of this week’s IPOs will give confidence to other companies so that more and more Chinese firms will have the opportunity to go public on the Nasdaq as soon as the end of the year.
The Nasdaq Golden Dragon China Index, a modified market capitalization index of Chinese stocks traded in the US, has fallen 0.7 percent so far this year. But “there are plenty of Chinese companies that have performed very well,” McCooey said.
The above-the-quota first-quarter performance of US-based hedge fund managers was mainly driven by investments in Chinese companies, according to a recent survey.
Editors: Xu Wei, Futura Costaglione