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More Chinese firms plan NYSE floats

By Bi Xiaoning (China Daily)
Updated: 2009-06-27 08:16

Two Chinese companies, Chemspec International Ltd and Duoyuan Global Water (DGW), have made waves on the New York Stock Exchange (NYSE) with their recent floats giving new life to the moribund global IPO market.

Both the firms dazzled on debut with Chemspec clocking a turnover in excess of 100 percent, while DGW shares closed 37 percent higher than the issue price.

Founded in 1992, DGW is a leading water treatment equipment supplier based in Beijing, while Chemspec is a chemical products producer in Shanghai.

"The two companies had planned to get listed last year, but suspended their plans when the financial crisis worsened in October," said Yang Ge, chief representative with NYSE's Beijing representative office.

The US stock market touched a bottom this February and recovered in March. Since then, many Chinese companies have started reformulating their IPO plans, Yang said.

He estimated that more than five Chinese companies would go public in the US in the second half, with more following suit next year.

Industry experts said, in the next two to three years, many private firms from China would list on US bourses. In addition, many State-owned enterprises may also list themselves on international bourses.

According to Yang, the "A+N" model, meaning dual listed in China and the US, would offer more options for Chinese companies.

Related readings:  Chinese companies launch first IPOs on NYSE in 2009  NYSE looks at Shanghai float  First Chinese company listed on NYSE Amex market  China's futures exchange signs MOU with NYSE Euronext

According to NYSE, in the first five months, about 125 companies got listed on the NYSE, raising about $6.6 billion in capital. During the same period last year, 493 IPO deals involving $75.9 billion of capital were transacted.

Since 2007, more and more Chinese companies are going public in the US and the Securities and Exchange Commission has even constituted a special team to handle applications from Chinese companies.

"For the companies, it's important to grasp the opportunities to grow faster than their competitors during the economic recovery," said Benjamin Wey, president for the New York Global Group, one of the largest Wall Street middle market investment banking and corporate advisory firm in the Chinese mainland.

There are about seven Chinese small- and medium-sized enterprises in the pipeline that are planning to go public on the NASDAQ, Wey said.