Microsoft, Intel, 5 Other Nasdaq Firms to Be Listed on Hong Kong Exchange
By Philip Boroff
Microsoft, Intel, to List on Hong Kong Exchange (Update2)
New York, Dec. 13 (Bloomberg) - Microsoft Corp., Intel Corp.
and five other Nasdaq Stock Market companies will list on the
Stock Exchange of Hong Kong as early as February, Nasdaq said.
The other five in the ``pilot project' are Cisco Systems
Inc., Dell Computer Corp., Amgen Inc., Applied Materials Inc. and
Starbucks Corp.
Nasdaq, the world's second-largest stock market by value,
and the Hong Kong market agreed last December to make it easier
for companies to list their shares in the U.S. and Hong Kong. The
listings will allow Hong Kong investors to trade the shares
during their regular market hours in local currency.
Nasdaq officials said they expect Hong Kong companies to
list on Nasdaq in the U.S. next year. They also plan to expand
the number of Nasdaq stocks trading in Hong Kong, and may
eventually include the stocks in the Nasdaq 100 Index.
Global 24-hour trading ``is getting closer,' said Nasdaq
International's president, John Wall.
Frank Zarb, chairman of the National Association of
Securities Dealers, Nasdaq's parent, wants to create European and
Japanese versions of Nasdaq. He expects investors anywhere in the
world to be able to trade any stock any time.
To be listed in the U.S., Hong Kong companies have to
conform to U.S. accounting standards and register with the U.S.
Securities and Exchange Commission. Wall said a handful of Hong
Kong companies could qualify for a U.S. listing.
Meanwhile, the New York Stock Exchange, the world's largest
stock market and Nasdaq's cross-town rival, wants to create an
alliance with eight of the largest markets around the world.
Australian Stock Exchange Managing Director Richard Humphry said
the NYSE plans a January meeting in Europe to discuss the so-
called G-9, which includes markets in Toronto, London, Paris and
Frankfurt -- but not Nasdaq. |
