Puda Coal Celebrates First Day of Trading on NYSE Amex
-- NYSE Amex Attracts More Small/Medium Size Chinese Companies Than Nasdaq In 2009 –
-- NYSE Continues to List 100% of Qualified Chinese Companies --
NEW YORK, September 22, 2009 – China-based Puda Coal, Inc., headquartered in Taiyuan City, Shanxi Province, today opened for trading on NYSE Amex, the U.S. equities market of NYSE Euronext (NYX) for small- and medium-size growth companies, under the ticker symbol “PUDA”. Puda Coal, Inc. is the tenth company from Mainland China to list on NYSE Amex in 2009 to date.
Today’s listing of Puda Coal, Inc., follows NYSE Amex listings this year of nine smaller-sized Chinese companies, includingChina Marine Food Group (NYSE Amex: CMFO); Sinohub (NYSE Amex: SIHI); China Nutrifruit Juice (NYSE Amex: CNGL), and American Lorain (NYSE Amex: ALN). Later this week, China ’s Sky People Fruit Juice will become the 11th company to list on NYSE Amex in 2009.
As Chinese companies continue to list on NYSE Amex, trading volume in Chinese NYSE-Amex listed issuers has increased sharply, with consolidated monthly trading volume in Chinese NYSE Amex-listed stocks rising to $1.2 billion a month in August 2009, from $13 million a month in January 2009.
“We are pleased to welcome the listing of Puda Coal, Inc., the tenth company from China this year to list on NYSE Amex,” said Ronald Kent, Executive Vice President and Head of International Listings for NYSE Euronext. “The momentum in listing smaller Chinese companies continues, as NYSE Amex offers the platform of choice for Chinese small- and mid-cap enterprises listing in the U.S. , where they benefit from the same high-tech/high-touch platform as NYSE-listed companies.”
“Listing on NYSE Amex helps Chinese companies diversify and expand their shareholder base,” said Michael Yang, Chief Representative and Head of China office, NYSE Euronext. “Chinese companies greatly increase their visibility in the U.S. and global markets by listing on NYSE Amex, and we look forward to a collaborative partnership with the 10th company from China on NYSE Amex this year, and the many more expected to follow.’”
With the addition of Puda Coal, Inc., the total market capitalization of the 76 Chinese companies listed on NYSE Euronext markets exceeds $1 trillion. NYSE Euronext’s acquisition of the former American Stock Exchange closed Oct. 1, 2008. NYSE Euronext announced the completion of the transition of all Amex equity trading to NYSE Euronext-supported trading platforms in December 2008, and began attracting new listings to NYSE Amex at the beginning of the year.
Background:
NYSE Amex is a platform launched by NYSE Euronext after acquiring the former American Stock Exchange in late 2008. NYSE Amex is designed to meet the demands of the small-to-medium size enterprises (SMEs) that do not necessarily meet NYSE’s higher listing standards. Since early 2009, NYSE Amex has played an important role helping SMEs from China raise capital in the U.S. market. Year-to-date, NYSE Amex has attracted more Chinese SMEs upgrading from the OTC market than NASDAQ has.
The larger sized Chinese companies that have conducted IPOs in the U.S. market continue to choose the NYSE for listing. Since late 2005, 100% of Chinese companies seeking a U.S. listing (and which met NYSE’s listing standards) chose to list on NYSE, and not any other exchange. *) The record demonstrates NYSE’s leading brand and proves NYSE provides the highest value to Chinese companies.
*)Note: 100% figure does not account for spin-offs of Chinese companies already listed on other exchanges.
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