Ｎａｓｄａｑ　Ｃｏｍｅｓ　ｔｏ　Ｃｈｉｎａ:dig to China

　　And its chief representative in China is scouting for suitable companies to list 　　
　　As more Chinese companies begin looking for opportunities abroad, the world’s largest electronic stock market, Nasdaq-which has often partnered with small start-up companies-may be within easier reach than ever before.
　　Today, there are 29 Chinese mainland-based companies listed on the Nasdaq, most of which are dotcoms. Granted, that’s still a small share of the 3,200 companies listed on Nasdaq, but the market is certainly reaching out to China.
　　Nasdaq is planning on opening an office in Beijing to serve as a liaison for start-ups needing support from capital markets. This would also allow Nasdaq to keep an eye on the corporate and economic landscape, watching out for high potential companies for listing.
　　Lawrence Pan, China Chief Representative of Nasdaq, is himself a magnet for Chinese companies looking to raising money on the public market.
　　In this interview, Pan discusses the role of Nasdaq and why it is increasingly attractive for Chinese companies looking to going to market.
　　
　　What is the status of Nasdaq’s plans in China?
　　
　　Pan: Preparations for the China representative office are still in progress. The key, however, before Nasdaq can become widely recognized in China, is to make sure that its services are not subject to a time difference. Synchronous processing is essential as stock exchange trades must be carried out immediately, with no delay. But localized service is also a big plus.
　　What are your main responsibilities as Nasdaq’s chief representative in China?
　　I have three main responsibilities. First of all, I spend most of my time ensuring the provision of good service to the 29 Chinese listed companies. This responsibility is set to expand as the number of China-listed companies will only increase in the future. These Nasdaq-listed companies are our customers and they deserve the best service possible. Nasdaq is a stock exchange with many operating rules, and these companies are often in need of guidance, assistance and supervision.
　　My second responsibility is the development of new companies [for listing].省略 and Shanda Interactive Entertainment Ltd., value-added service providers, media operators, software vendors, biotech equipment providers and manufacturers. The board should list the best-performing companies. The listing of unhealthy businesses may have an adverse impact on their strongly performing peers, so it remains a demanding task to select the right ones.
　　Thirdly, I am responsible for the maintenance of broad-based communications with many parties in financial, securities, industrial and commercial sectors, as well as the central and local governments.
　　
　　Do you foresee any adjustment to your China strategy?
　　
　　In total there are 340 non-American companies now listed on Nasdaq, of which 29 are from China’s mainland. If those originating in Hong Kong and Taiwan are included, the number of Chinese companies rises to 50. This is not a bad proportion.
　　The Nasdaq seems to specialize in IT companies. Is that an accurate view?
　　As a matter of fact, Nasdaq is where the entire American economy, particularly the creative proportion of it, converges. Intel, a computer hardware manufacturer, came into being in the 1970s, and in the 1980s, software producer Microsoft arrived on the scene. These two giants, both of which are listed on Nasdaq, formed the cornerstone of the entire IT industry. In addition, the rapidly growing network-based era also saw the rise of hardware mainstays like Cisco, and their software counterparts such as Oracle. Both of these are also listed on Nasdaq.
　　
　　Is Nasdaq primarily a hi-tech exchange?
　　
　　It is true that Nasdaq started up as a primarily hi-tech and IT-based exchange. As a result, we are proud to have become the biggest breeding ground for IT companies and other hi-tech start-ups. But now, Nasdaq has expanded its business coverage across eight industries, including finance, bio-pharm, healthcare and consumer goods.
　　So Nasdaq is a composite exchange with broad coverage of various industries?
　　Yes. Those who enter the market as small start-ups often intend to partner with Nasdaq and share in its growth. At present, the market value of Microsoft is more than $270 billion, and Cisco, Dell and Google are all valued at over $100 billion. These are prime examples of big blue-chips.
　　What is Nasdaq’s single most important feature?
　　From the very beginning, Nasdaq has employed a trading competition method both electronically based and transparent in its entirety. Efficiency and customer service are considered to be the highest priority.
　　What is the minimum requirement in terms of tangible net assets?
　　There is no specific requirement on tangible net assets. However, to qualify, a company should have three years of healthy business income that is expected to reach $11 million. This is, in effect, a higher standard than that of the New York Stock Exchange (NYSE).
　　What kinds of businesses interest you the most?
　　The financial sector definitely has our attention. But all sectors within our business range are given due attention. While there are no specific selection criteria, rapid and sustained growth is of key importance.
　　Nasdaq tends to go easy on a candidate company’s performances given the condition of sustained development. Is the future its primary focus?
　　Yes. If a company has a history of only two years, it’s still okay. If a firm foundation is laid during those two years, the company may still make the cut if it sees fast-tracked and sustained development in its future. We rigorously scrutinize every company’s financial analysis, financial model and business model.
　　
　　How can a company develop using Nasdaq?
　　
　　Being listed on Nasdaq is just the first step in a marathon. If we take a look at some American listed companies, many of them have a history of over 100 years. And even then, they still have a long path ahead. So after taking that first step, you must be mentally prepared for the long and often arduous journey that lies ahead (after the listing). You have to partner and interact with the capital market. In its growth period, a company usually has to be self-reliant. As it grows bigger, other forms of “extended” development begin to weigh in, such as merger and acquisition activity. Be it Microsoft or GE, many companies expand their business scope as a result of successful acquisitions. But acquisition plans cannot proceed without assistance from the capital market, where monetary support and professional counseling are plentiful. [It is important] to treat the capital market as a true partner. A company must communicate fully with the capital market if its sights are set on development, innovation and overall progress. The capital market has to be well advised of where the company is weak or strong and what difficulties and opportunities it faces. Open communication is critical after the company is listed. Some companies, in the face of setbacks or during hard times, may not experience fluctuations in their valuation. The market in response may remain calm, or even drive the company’s value higher. Whatever the outcome, it will be a direct result of the public learning of the company’s vision.
　　What advice can you offer to companies with their sights set on a Nasdaq listing?
　　Nasdaq now includes 29 China-based companies, a number that rises to 50 with the inclusion of Taiwan- and Hong Kong-based firms. It is fair to say that Chinese mainland companies have listed on the Nasdaq in phenomenal numbers. The two factors that drive a company forward are the company itself and the capital market. It requires great study and efficient use of the Nasdaq, one of the world’s best capital markets, to boost your company’s business and core competitiveness, particularly in the area of IPR, to become a leader in the new economy.
　　

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