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Chinese firms take IPOs to Europe
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10:44, November 13, 2007

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More Chinese companies are listing in European markets to build brand awareness and seek new talent aside from raising money, Deloitte said yesterday.

Chinese companies have started to venture into Europe to raise capital and are seeking more listing options. Bourses such as Frankfurt and Euronext are also beginning to court Chinese companies this year while London AIM stands out with the most initial public offerings of Chinese firms in Europe.

There have been 10 IPOs of Chinese companies in Europe since 2006 - seven in London, two in Frankfurt and one at Paris-based Euronext, Deloitte said.

"When Chinese companies are seeking IPO options, it is not only about money," said Chris Lu, managing partner of Eastern China Region for Deloitte, yesterday in Shanghai. "The valuation of the local A-share stock market can be higher for companies seeking capital, but some Chinese companies are also targeting a good corporate image in going public in mature markets like in Europe," Lu said.

The overseas listing can also help corporations gain exposure and attract potential employees, he added.

The cost of listing in Europe is also competitive, said Eric Dugelay, a Deloitte partner in charge of its China Desk in France.

The move to listing in Europe coincides with more Europe-China trade and more Chinese investment on the continent.

Chinese outbound investment topped 21 billion U.S. dollars in 2006 and the investment in Europe accounted for five percent of the total figure.

Source: Shanghai Daily




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