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Textile firm eyes S. Korea

Time: 2007-01-05
City: Shanghai
Hits:280
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HUAFENG Textile International Group, a Hong Kong fabrics maker, applied yesterday to sell shares on the South Korean stock exchange, the first non-South Korean company to apply for a listing in the country.

The exchange is encouraging companies in China, Vietnam and elsewhere to sell shares in South Korea. It's also seeking cross-border trading agreements with counterparts in Singapore and Japan.

Korea Exchange Inc started the year as Asia's fourth-biggest stock exchange by market value but has since been overtaken by counterparts in China and India and now ranks sixth.

"We want to expand the size of the market and provide people with more investment options than just South Korean companies," said Han Chang Woo, head of listing promotions at Korea Exchange.

Huafeng Textile may sell shares in South Korea by March or April next year, the exchange said in a statement.

"If Huafeng Textile succeeds in listing here, we expect many Chinese companies considering such an option to follow suit," said Lee Young Tak, chief executive of the exchange.