The New York Stock Exchange plans to open a Beijing office to attract more Chinese companies. John Thain, chief executive of the US bourse, told state media that the NYSE had applied for permission to set up an office that would "help deepen and speed up development and cooperation between the NYSE and China". Thain is currently on his third trip to China as NYSE head, engaging in talks with Chinese companies that might be ready for an overseas listing. "A large number of Chinese companies have become globalized, cross-border corporations and Chinese companies need more capital," he said.