The event was intended to provide specific information on Korea’s stock markets and listing procedures for Chinese companies that are planning to list their shares on the Korean stock markets. The KRX also sought to establish a network with Chinese government officials and promote Korean stock markets through the media at this occasion. Hyundai Securities and Bae, Kim & Lee, a leading Korean law firm, also joined the presentation and explained the detailed listing procedures and legal issues to the attendees.
Young-Tak Lee, chairman and CEO of the KRX, and Woo-Churl Lee, a permanent member of the standing committee of the Financial Supervisory Commission (FSC), visited CSRC, the Chinese regulator, on August 3 and met with Tu Gwang Xiao, the vice chairman of CSRC. Lee asked the Chinese regulator to help boost interest among Chinese companies in the Korean stock markets, and suggested that listing on the markets might be an option worth considering by Chinese regulators as a way of floating the non-floating stocks of China’s state-owned companies. Lee promised to provide maximum support and cooperation in the area of cross-border financial supervision, and had in-depth discussions on abolishing the regulations that might delay or hinder Chinese companies’ listing on Korean markets.
Five organizations including the FSC, KRX, CSRC, and 2 Chinese stock exchanges agreed to form a task force specifically for listing Chinese companies’ shares on the KRX. The main objective of the team will be to review the listing systems and procedures, accounting practices, and related laws and regulations, and help Chinese companies to list their stock on the KRX.
