WHERE TO GO IPO?
Interviewed by Wolf Group Asia’s CEO David Wolf
• LONDON STOCK EXCHANGE Head of Asia Pacific, Jane Zhu
• NASDAQ Head of Asia Pacific, Eric Landheer

This is a summary of tweets sent during the interview.

Next interviews to be conducted by @wolfgroupasia.

London Stock Exchange

• Represents LSE for all of Asia.

• In last year and a half: any change for stream of IPOs from China?
• 21 IPOs only; 2009 was quiet year. USD 2B dollars only.
• 1st 4 months 2010, 31 IPOs, combined money raised USD 380B. Growth!
• Air China: 1st IPO started off in London (LSE).
• Why London over NY? Advantages? Govt did “traffic control” re: Air China.
• More and more IPOs now privately-held instead of SOEs.
• London is most international market in the world. 4K companies, over 700 are from over 70 different countries, regions.
• LSE market cap of overseas market bigger than domestic.
• London a matured market layer.
• The UK is not part of the Eurozone (they still use the Pounds Sterling). Most active trading currencies? EUR only one of 19.
• London market is not just “UK” or “Europe”; they’re from all over the world.
• What’s ahead for the LSE?
• Importance of people and management. Thank you.

  NASDAQ

  • Presence in China for over 10 years. 400+ companies over CN; 17 IPOs here; including switchovers from “that other exchange” in US.

  • Change of attitudes lately? They don’t compete with local markets.
  • High listing standards another attraction for CN companies to list to NASDAQ.
  • Challenges a CN co might have? Institutional investors probably don’t know CN/CN cos to know what values they have.
  • Institutional investor in US has massive appetite for growth; CN epicentre for growth.
  • What should companies do in preparation for US listing? First, build a strong management team; team of advisors.
  • Lawyers, accountants, investment bankers part of team. Starting to act as a public company early.
  • Also need strong communications skills.
  • You need to be good in the finances AND in good communications.
  • NASDAQ of today not even the same of NASDAQ 5 years ago. For Eric Landheer, every day is different.
  • Best thing: meeting entrepreneurs driving new economy forward. Job is never boring!
  • Philadelphia Exchange more amongst derivatives side. Also some companies do do dual-listings.
  • NASDAQ Global Select — includes Apple, Microsoft, Google. Massive market cap.
  • Also NASDAQ Global and NASDAQ Capital. Alternative venues as well.
  • Never too early to start behaving like a listed company. NASDAQ home to technology. Highest listing standards US, worldwide.