Nasdaq operator seeks government cooperation in overseas listings

The operator of the Nasdaq Stock Market said it expects about 20 Chinese companies to list on the Nasdaq and New York Stock Exchange within the next 12 months, but added that the listings would depend on government willingness to allow companies to list overseas, the Wall Street Journal reported. Robert McCooey, senior vice president of new listings and capital markets at Nasdaq OMX Group said Nasdaq was working with the Chinese government to ensure companies would continue to be able to list abroad. Chinese companies often set up vehicles incorporated overseas before listing, but new regulations make that process more difficult. Online gaming firm Changyou.com is the only Chinese company to have listed on the Nasdaq exchange so far this year. McCooey said about half of the potential new listings had already been incorporated abroad. As part of the development of the domestic securities market, China is planning to launch a Nasdaq-style exchange aimed at startup companies.