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Foreign firms seeking listing on Seoul's junior bourse
SEOUL, Nov. 10 (Yonhap) -- Several foreign companies are seeking to list their shares on South Korea's secondary stock market in a bid to tap into ample liquidity here, the bourse operator said Tuesday.
The Korea Exchange (KRX) said in a statement that China King-Highway Holdings Ltd., a Chinese maker of health supplements, applied to list its shares on the tech-heavy KOSDAQ market. It usually takes up to two months for the KRX to give the go-ahead.
The application comes a day after New Pride Corp., a U.S. recycled-tire maker for container vehicles, submitted an application, becoming the first American firm to seek a listing on the KOSDAQ market.
According to the KRX, an additional four Chinese companies have recently applied for listing on the KOSDAQ market, with two of them, Global SM Tech Ltd and China Engine Group, having received initial approval.
The bourse operator attributed the foreign firms' interests in the secondary bourse to its ample liquidity, which enables them to raise funds relatively easily.
"On the KOSDAQ market, firms face little difficulty in rights offerings because it is highly liquid and one of the most frequently traded bourses," said Choi Kyu-jun, a KRX official.
As of Tuesday, five foreign companies were listed on the secondary market and three others on the main bourse, with four of them starting trading this year, according to the KRX.
pbr@yna.co.kr
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