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Chinese firms in pursuit of listing on KOSDAQ market

(Xinhua)
Updated: 2009-11-10 17:30

Several Chinese firms are seeking to list their shares on the South Korea's secondary stock market on a demand for ample liquidity here, the bourse operator said Tuesday.

According to a statement by the Korea Exchange (KRX), China King-Highway Holdings Ltd, a Chinese maker of health supplements, applied to list its shares on the KOSDAQ market, which is mainly sought by technology companies.

It usually takes up to two months for the KRX to give an approval, the bourse operator said.

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The KRX also said additional four Chinese companies have recently applied for listing on the KOSDAQ market, with two of them, Global SM Tech Ltd and China Engine Group, having already received initial approval.

China King-Highway's application comes a day after New Pride Corp, a US recycled-tire maker for container vehicles, filed for an application, becoming the first American firm to seek a listing on the KOSDAQ market.

According to the KRX, the foreign firms' interest in the secondary bourse can be attributed to its ample liquidity, enabling firms to raise funds relatively easily.

As of Tuesday, five foreign companies were listed on the secondary market and three others on the main bourse, according to the KRX.