TOKYO, Jan 20 (Reuters) - Nihon Cisco Systems, the Japanese subsidiary of U.S. Cisco Systems Inc , the largest maker of equipment that powers the Internet, said on Thursday it aims to be the first company to list its shares on the Nasdaq Japan stock market.
"The first priority is to go public on Nasdaq Japan, and we'd like to be the first as well," a spokesman for the Japanese subsidiary said.
Nasdaq Japan is expected to begin operating in June. It is being set up by Nasdaq Japan Planning, a joint venture between the National Association of Securities Dealers (NASD), parent of the U.S. Nasdaq market, and Japanese internet investor Softbank Corp . In what is widely seen as a pre-emptive strike against Nasdaq Japan, the Tokyo Stock Exchange (TSE) last year set up the new Mothers market for star-up firms with high growth potential. It has listed two firms since its launch last November.
Nasdaq Japan Planning president Tatsuyuki Saeki said on Wednesday that Nasdaq Japan aims to list as many as 100 companies in its first year of operation, including 10 firms with market capitalisation of more than one trillion yen ($9.5 billion).
The Japan Securities Dealers Association, which runs Japan's over-the-counter (OTC) market, also said 40 to 50 firms are expected to go public on the OTC market in the first half of this year, compared with 20 in the same period a year ago.
TSE's Mothers, Nasdaq Japan and the OTC market are all battling to attract promising venture companies looking to raise funds to finance growth by selling shares to the public.
HONG KONG, Jan 20 (Reuters) - Shares of Cheung Wah Development Co Ltd soared some 500 percent by mid-morning trade after the stock was touched by the golden hand of Japanese Internet investment giant Softbank Corp .
Analysts said Softbank's brand name and influence sent investors scrambling to buy what they expect to be the Hong Kong stock market's next big Internet investment vehicle.
Cheung Wah shares were up 501.5 percent at HK$8.00 after hitting an early high of HK$10. They closed on Wednesday at HK$1.33.
Softbank announced on Thursday it has agreed to buy a 61.1 percent controlling stake in Cheung Wah for HK$207.5 million and will rename the property investment and fabric dyeing and printing firm Softbank Investment International (Strategic) Ltd.
"It's just the brand name of Softbank that is pushing the stock price," said Kim Eng Securities Internet analyst Alfred Li. "It's just another gambling table."
Softbank said it had no immediate plans to inject assets into the company, but said the company would invest in and develop Internet-related activities |
