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China's recovering capital market raises IPOs: Chinese CEO

(Xinhua)
Updated: 2009-09-30 14:18

A recovering capital market in China would increase the number of initial public offerings, triggering companies to seek listing, a CEO from China said in Kuala Lumpur on Tuesday.

Liang Xinjun, vice chairman and CEO of Fosun International Limited said the measures taken by the Chinese government amidst the global economic crisis had drawn positive results.

Liang made the remarks at Forbes Ninth Global CEO Conference held here from Sept 28 to 30. He said the long-term bond market in the first half of 2009 accounted for $96.7 billion.

He also said that the loan approved in the first half of 2009 was three times the amount approved in 2006 and 2007.

Related readings:  GEM draft listing rules marks step in capital market  Wen says confident in China's capital market  German bank gains access to Chinese capital market  China seeks to stabilize capital market to buoy economy

Lauding Chinese government's swift reaction to the crisis, Liang said car sales, properties and home electrical appliances had seen apparent recovery.

The medical and retails sectors had also benefited from the Chinese stimulus packages, added Liang.

He said if a growth of 11 percent was maintained in the coming years, China's domestic market would reach 30 percent of the current domestic market in the United States in five years.

Retail sectors would account for over 40 percent when the day comes, added Liang.

When asked about advice for foreign companies in China, Liang said they should employ local executives instead of bringing in expatriates into China.

This was because China could provide well-trained executives for their business needs at lower costs, explained Liang.