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Chinese Stock in the U.S. Stock Market

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WallStreet(Oct. 20, 2009 - Barath K.) Executive Summary: This report gives an overview of major stock markets in the U.S and lists the Chinese companies traded in the different exchanges in the U.S market.

About NYSE Euronext: NYSE Euronext, the holding company created by the combination of NYSE Group, Inc. and Euronext N.V., was launched on April 4, 2007. NYSE Euronext (NYX) is the world’s most diverse exchange group, offering a broad and growing array of financial products and services in Europe and the United States that include cash equities, futures, options, exchange-traded products, bonds, market data, and commercial technology solutions.  With over 8,000 listed issues globally, NYSE Euronext's equities markets -- the New York Stock Exchange, Euronext, NYSE Arca, and NYSE Amex -- represent nearly 40% of the world's cash equities trading volume, the most liquidity of any global exchange group.

In the following sections, the paper reports the listing requirements in NYSE, NYSE AMEX and NASDAQ and the list of Chinese companies in these three exchanges. The issue type of these listed companies can be common stock (if incorporated in the U.S) or ADS.  An (American Depository Share) ADS is a security issued by a U.S. depositary representing ownership interest in the deposited security of a foreign company. One ADS may represent a fixed number, or fraction, of deposited securities.



1. NYSE:

The New York Stock Exchange (NYSE) is the premier listing venue for the world’s leading large- and medium-sized companies. They meet and adhere to the overall highest listing standards. The NYSE is the largest and most liquid cash equities exchange in the world.

1.1. Listing requirement: The New York Stock Exchange’s listing standards are among the highest of any market in the world.  Meeting these requirements signifies that a company has achieved leadership in its industry in terms of business and investor interest and acceptance.

The Exchange offers two sets of standards – worldwide and domestic – under which non-U.S. companies may qualify for listing. Both standards include distribution and financial criteria. A company must qualify for both the distribution and financial criteria within that particular standard.

REQUIREMENTS

WORLDWIDE

DOMESTIC
May satisfy either A, B, or C:

Round-Lots Holders
Total Shareholders

5,000

A. 400 U.S.round lot shareholders

B. 2,200 total shareholders and 100,000 shares monthly trading volume (most recent 6 months)

C. 500 total shareholders and 1,000,000 shares monthly trading volume (most recent 12 months)

Public Shares

2.5MM

1.1MM

Public Market Value

$100MM

IPO's, Carve-outs & Spin-offs

N/A

$40MM

All other listings

N/A

$100MM

Earnings

Aggregate Pre-tax Income for last 3 years

$100MM

$10MM

Minimum Pre-Tax Income in each of 2 preceding years

$25MM

$2MM
(all 3 years must be positive)

OR

Aggregate Pre-tax Income for last 3 years

N/A

$12MM

Minimum in the most recent year

N/A

$5MM

Minimum in the next most recent year

N/A

$2MM

Valuation/Revenue Test
May satisfy either A or B

A. Valuation with Cash Flow Test

Global Market Capitalization

$500MM

$500MM

Revenues (most recent 12-month period)

$100MM

$100MM

Aggregate Cash Flow for last 3 years

$100MM

$25MM
(all 3 years must be positive)

Minimum Cash Flow in each of 2 preceding years

$25MM

N/A

B. Pure Valuation Test

Global Market Capitalization

$750MM

$750MM

Revenues  (most recent fiscal year)

$75MM

$75MM

Affiliated Company
For new entities with a parent or affiliated company listed on the NYSE

Global Market Capitalization

$500MM

$500MM

1. At least 12 months of operating history

2. Affiliated listed company is in good standing

3. Affiliated listed company retains control of the entity

Yes

Yes

Yes

Yes

Yes

Yes

 

1.2. Chinese companies listed in NYSE:

S.NO

Company name

Symbol;NYSE

1

Acorn International, Inc.

ATV

2

Agria Corporation

GRO

3

Aluminum Corporation of China Ltd

ACH

4

American Dairy, Inc.

ADY

5

American Oriental Bioengineering, Inc.

AOB

6

Chemspec International Limited

CPC

7

China Digital TV Holding Co., LTD.

STV

8

China Distance Education Holdings Limited

DL

9

China Eastern Airlines Corporation Limited

CEA

10

China Life Insurance Company Limited

LFC

11

China Mobile Limited

CHL

12

China Nepstar Chain Drugstore Ltd.

NPD

13

China Petroleum & Chemical Corporation

SNP

14

China Security & Surveillance Technology, Inc.

CSR

15

China Southern Airlines Company Limited

ZNH

16

China Telecom Corporation Limited

CHA

17

China Unicom (Hong Kong) Limited

CHU

18

CNOOC Limited

CEO

19

Duoyuan Global Water Inc.

DGW

20

E-House (China) Holdings Limited

EJ

21

General Steel Holdings, Inc.

GSI

22

Giant Interactive Group Inc.

GA

23

Guangshen Railway Company Limited

GSH

24

Gushan Environmental Energy Limited

GU

25

Huaneng Power International, Inc.

HNP

26

LDK Solar Co., Ltd.

LDK

27

Longtop Financial Technologies Limited

LFT

28

Mindray Medical International Limited

MR

29

New Oriental Education & Technology Group Inc.

EDU

30

Noah Education Holdings Ltd.

NED

31

PetroChina Company Limited

PTR

32

Qiao Xing Mobile Communication Co., Ltd.

QXM

33

ReneSola Ltd.

SOL

34

Semiconductor Manufacturing International Co.

SMI

35

Simcere Pharmaceutical Group

SCR

36

Sinopec Shanghai Petrochemical Co. Ltd.

SHI

37

Suntech Power Holdings Co., Ltd.

STP

38

Tongjitang Chinese Medicines Company

TCM

39

Trina Solar Limited

TSL

40

WSP Holdings Limited

WH

41

WuXi PharmaTech Inc.

WX

42

Xinyuan Real Estate Co., Ltd.

XIN

43

Yanzhou Coal Mining Co. Ltd.

YZC

44

Yingli Green Energy Holding Company Limited

YGE



2. NYSE AMEX:

NYSE Amex, formed by NYSE Euronext’s acquisition of the former American Stock Exchange in 2007, is the premiere U.S. equities market for listing and trading small and mid-cap growth companies. The NYSE Amex platform offers its listed companies price discovery, liquidity and reduced trading volatility beyond the capabilities of markets that are solely electronic.

2.1. Listing Requirements:

The NYSE Amex has established certain quantitative and qualitative standards for initial listing of U.S. and foreign companies. For details, click on NYSE Amex Company Guide or on the topics below.

Quantitative Standards

Criteria

Listing Standards

Standard 1

Standard 2

Standard 3

Standard 4

Pre-tax income1

$750,000

N/A

N/A

N/A

Market capitalization

N/A

N/A

$50 million

$75 million
OR
At least $75 million in total assets
and $75 million in revenues

Market value of public float

$3 million

$15 million

$15 million

$20 million

Minimum price

$3

$3

$2

$3

Operating history

N/A

2 years

N/A

N/A

Shareholders' equity

$4 million

$4 million

$4 million

N/A

Public shareholders/Public float (shares)2


Option 1: 800/500,000
Option 2: 400/1,000,000
Option 3: 400/500,000
3

1 Required in the latest fiscal year, or two of the three most recent fiscal years.

2 Public shareholders and public float do not include shareholders or shares held directly or indirectly by any officer, director, controlling shareholder or other concentrated (i.e. 10 percent or greater), affiliated or family holdings.

3 Option 3 requires a daily trading volume of 2,000 shares during the six months prior to listing.

Foreign Applicants
Foreign issuer applicants who do not meet the distribution guidelines outlined above may alternatively qualify with 800 round-lot public shareholders worldwide, 1 million publicly held shares worldwide and a $3 million market value of public float worldwide.


2.2. Listed companies:

S.NO

Company name

Symbol:NYSE

1

China Direct, Inc

CDS

2

CATHAY MERCHANT GROUP, INC.

CMQ

3

CHINA SKY ONE MEDICAL, INC

CSY

4

China Education Alliance Inc

CEU

5

China Green Agriculture Inc

CGA

6

China Marine Food Group Limited

CMFO

7

China Nutrifruit Group Limited

CNGL

8

China Pharma Holdings, Inc.

CPHI

9

China Shen Zhou Mining & Resources, Inc

SHZ

10

China Shenghuo Pharmaceutical Holdings, Inc

KUN

11

Jinpan International Ltd

JST

12

China Shenghuo Pharmaceutical Holdings

KUN

13

MINCO GOLD CORP

MGH

14

Man Sang Holdings, Inc

MHJ

15

New Dragon Asia Corp

NWD

16

Orsus Xelent Technologies Inc.

ORS

17

China Architectural Engineering, Inc.

RCH

18

Sinovac Biotech Ltd

SVA



3. NASDAQ:

The NASDAQ Stock Market, the largest US electronic stock market with approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business


3.1. Listing requirements: Companies must meet all of the criteria under at least one of the three financial standards and the applicable liquidity requirements below.

FINANCIAL AND QUALITATIVE REQUIREMENTS

NASDAQ Global Select Market Initial Listing Requirements

Requirements

Standard 1

Listing Rules

5315(e) and 5315(f)(3)(A)

Standard 2

Listing Rules

5315(e) and 5315(f)(3)(B)

Standard 3

Listing Rules

5315(e) and 5315(f)(3)(C)

Pre-tax earnings2 (income from continuing operations before income taxes)

Aggregate in prior three fiscal years > $11 million

and

Each of the two most recent fiscal years >

$2.2 million

and

Each of the prior three fiscal years

> $0

N/A

N/A

Cash flows3

N/A

Aggregate in prior three fiscal years >

$27.5 million

and

Each of the prior three fiscal years > $0

N/A

Market capitalization4

N/A

Average > $550 million over prior 12 months

Average > $850 million over prior 12 months

Revenue

N/A

Previous fiscal year > $110 million

Previous fiscal year >

$90 million

Bid price5

$4

$4

$4

Market makers6

3 or 4

3 or 4

3 or 4

Corporate governance7

Yes

Yes

Yes

3.2.  Listed companies: Many sources report the below listed companies as Chinese companies listed in NASDAQ. It is interesting to note that none of these companies are officially listed as Chinese companies in the NASDAQ website because none of these companies are incorporated in China. These companies either have their operations in China or have wholly owned subsidiaries in China but the parent company, in most cases, is incorporated in the Cayman Islands, British Virgin Islands or the U.S.

Company Name

Symbol

ADVANCED BATTERY TECHNOLOGIES, INC.
Actions Semiconductor Co., Ltd.
AIRMEDIA GROUP INC.
A-Power Energy Generation Systems, Ltd.
AsiaInfo Holdings Inc.
ATA Inc.
Baidu.com, Inc.
BMP Sunstone CORP
China Automotive Systems Inc.
CHINACAST EDUCATION CORP
China BAK Battery, Inc.
ChinaEdu CORP
CHINA FIRE & SECURITY GROUP, INC.
CDC Corporation
China Natural Resources, Inc.
CNINSURE INC.
China Medical Technologies Inc.
China Techfaith Wireless Communication T
Comtech Group Inc.
China Precision Steel, Inc.
Canadian Solar Inc.
China Sunergy Co., Ltd.
China Technology Development Group Corpo
CTRIP.COM INTERNATIONAL LTD
e-Future Information Technology Inc.
Fuwei Films (Holdings) Co., Ltd.
FOCUS MEDIA HOLDING
Fushi Copperweld, Inc.
FUQI INTERNATIONAL, INC.
China GrenTech Corp. Ltd.
Global Sources Ltd.
Home Inns & Hotels Management Inc.
Hurray! Holding Co. Ltd.
Harbin Electric, Inc.
JA Solar Holdings Co., Ltd.
51job Inc.
China Finance Online Co. Ltd.
Kandi Technologies Corp
Kongzhong Corp.
eLong Inc.
LINKTONE LTD
Melco PBL Entertainment (Macau) Limited
The9 Limited
Ninetowns Internet Technology Group Comp
New Oriental Energy & Chemical Corp.
NETEASE.COM
PERFECT WORLD CO LTD
ShengdaTech, Inc.
Origin Agritech Limited
Sina Corporation
SHANDA INTERACTIVE ENTERTAINMENT LTD
SOHU COM INC
Solarfun Power Holdings Co., Ltd.
SORL Auto Parts Inc
Spreadtrum Communications, Inc.
3SBio Inc.
Sutor Technology Group LTD
TOM ONLINE INC
TELESTONE TECHNOLOGIES CORP
Vimicro International Corporation
VISIONCHINA MEDIA INC.
Wonder Auto Technology, Inc
Xinhua Finance Media Limited
Qiao Xing Universal Telephone, Inc.
Yucheng Technologies Limited

ABAT
ACTS
AMCN
APWR
ASIA
ATAI
BIDU
BJGP
CAAS
CAST
CBAK
CEDU
CFSG
CHINA
CHNR
CISG
CMED
CNTF
COGO
CPSL
CSIQ
CSUN
CTDC
CTRP
EFUT
FFHL
FMCN
FSIN
FUQI
GRRF
GSOL
HMIN
HRAY
HRBN
JASO
JOBS
JRJC
KNDI
KONG
LONG
LTON
MPEL
NCTY
NINE
NOEC
NTES
PWRD
SDTH
SEED
SINA
SNDA
SOHU
SOLF
SORL
SPRD
SSRX
SUTR
TOMO
TSTC
VIMC
VISN
WATG
XFML
XING
YTEC


* All information was sourced from official sites of NYSE EURONEXT and NASDAQ.



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