(Yicai Global) Aug. 30 -- The Nasdaq aims to be the preferred choice for every company seeking an offshore listing, especially Chinese ones, Securities Times reported today, citing an interview with the vice chairman of the New York-based stock exchange, as the number of US listings by Chinese firms tumble due to stricter oversight by US and Chinese authorities.

The Nasdaq hopes that Chinese companies will continue to keep their close relations with the bourse, said Robert H. McCooey, Jr, who is responsible for spearheading business development from Latin America and the Asia Pacific region. The US capital markets have long been a center of capital mobilization and allocation, and China is a huge source of new companies that could potentially go public in the US.

In the first half, just three Chinese firms had initial public offerings in the US, out of 108 listings.

This has to do with uncertainties arising from the US' Holding Foreign Companies Accountable Act, which requires all foreign firms to meet certain auditing requirements, and greater supervision of overseas listings by Chinese regulators, McCooey said. 

I hope that Chinese and US regulators can reach a consensus soon, he added.

Market volatility is another reason for the IPO slowdown, he said. The market environment is full of challenges compared with the same time last year, with big market fluctuations, depressed investor sentiment and suppressed needs. There has been a recovery in IPO numbers recently and I hope this will also be reflected in China, he added.

Nasdaq cares about the interests of listed companies and investors, he said. It is willing to cooperate with other bourses if a protocol that benefits the majority of market participants can be put together, he added, referring to stock connect programs with European and other markets that China has set up recently.

Editor: Kim Taylor