To: D. Swiss who wrote (157407 ) 5/27/2000 9:02:00 PM From: calgal Respond to of 176387
Hi Drew! Dell is on this list! :)Leigh 5/26/00 - Nasdaq stocks to trade in Hong Kong on Wednesdaycnbc.com By Elizabeth Smith NEW YORK, May 26 (Reuters) - In a first for Nasdaq stocks, shares in seven high-profile companies, including Intel Corp. (INTC.O) and Cisco Systems Inc. (CSCO.O), are set to start trading on the Hong Kong Stock Exchange on Wednesday. The co-listing of the U.S. stocks, which will trade in Hong Kong dollars, stems from an agreement the Nasdaq and the Hong Kong exchange signed in December. It is also a key part of Nasdaq's larger efforts to erect a global, electronic stock trading platform. Other stocks scheduled to start trading on May 31 on the Hong Kong exchange are: Dell Computer Corp. (DELL.O), the world's No. 2 PC manufacturer; Starbucks Corp. (SBUX.O), a U.S. speciality coffee retailer; Applied Materials Inc. (AMAT.O), a leading computer chip equipmment maker; and Amgen Inc. (AMGN.O), a biotechnology company. "They wanted to offer some of the leading tech companies but not only restrict it to technology," said Nasdaq spokeswoman Judith Inosanto, when asked how officials chose the seven companies. "They specifically wanted companies that had a strong presence in Asia." The idea behind the alliance is to expand the trading of Nasdaq stocks through the Hong Kong exchange and, eventually, to list Hong Kong stocks on the Nasdaq in the United States. The Hong Kong-listed companies, though, will have to pass muster with the Securities and Exchange Commission to trade on a U.S. equities market. The agreement, Nasdaq officials said, would boost the liquidity of both U.S. and Asian stocks, plus open a new way for Asian investors to easily access prized U.S. tech stocks. Because the Nasdaq-listed shares are trading on the Hong Kong exchange through a bilateral agreement, the U.S. Nasdaq stocks still fall under the regulation of the Nasdaq, Inosanto said. The Nasdaq is owned by the National Association of Securities Dealers, a non-profit stock broker's group that also regulates all Nasdaq broker-dealers through its subsidiary, NASD Regulation Inc. As part of the agreement, though, the Nasdaq has agreed to conduct joint investigations with the Hong Kong exchange if it scrutinised any stocks trading on both markets, Inosanto said. NASD Chairman Frank Zarb and Hong Kong Stock Exchange Chairman H.C. Lee signed the co-listing agreement on Dec 13. in New York. Zarb, during the signing ceremony, described the alliance as "strengthening the links between two important global financial centres." Rtr 12:02 05-26-00