Taiwan Stock Exchange Corp (TWSE) chairman Schive Chi (薛琦) said on Friday the exchange would cross-list exchange-traded funds (ETFs) from China as soon as a memorandum of understanding (MOU) was signed, a local newspaper reported yesterday.
Speaking at a seminar on cross-strait securities cooperation at the Lujiazui Forum in Shanghai, Schive and Liu Xiaodong (劉嘯東), executive vice president of the Shanghai Stock Exchange (SSE), said the two exchanges would gradually deepen their cooperation, the Chinese-language Commercial Times reported.
“The structure of Taiwan’s stock market is different to [that of] Shanghai … The combination of the two will be beneficial to both sides,” Schive was quoted as saying.
Schive said the two stock exchanges would be complementary because technology stocks currently account for more than 50 percent of the exchange’s total market value, but such stocks make up only 2.5 percent of the Shanghai exchanges total market value.
Financial stocks account for 29 percent in Shanghai, but contribute less than 15 percent of the Taiwan bourse.
Schive said both sides shared the goal of collaboration on the cross-listing of ETFs.
“In fact, the TWSE had already given China Securities Index Co (中證指數公司), a subsidiary of SSE, the right to access real-time information in October last year,” the paper quoted Schive as saying.
TWSE will hold a seminar on Friday in Taipei to discuss measures to facilitate the cross-listing of ETFs in the three markets across the Taiwan Strait — Shanghai, Hong Kong and Taipei. Liu said he would attend the seminar on that day to discuss the cross-listing of ETFs with Schive, the newspaper report said.
Schive also said that Taiwan and Hong Kong would soon sign an agreement allowing the cross-listing of companies trading on the two stock exchanges in the form of ETFs. He said this would happen in the next two to three months, the report said.
Schive said the development of capital markets in Shanghai, Hong Kong and Taipei would involve three steps.
First, Taiwan and China are expected to sign an MOU next month, according to a Commerical Times report. Second, Taiwan can immediately cross-list ETFs in China and Hong Kong after the MOU is signed. Finally, the three would jointly establish a new trading platform, he said.
Meanwhile, the TWSE will hold a series of investor conferences this week for selected companies in the hope of adding momentum to the local bourse, after the TAIEX rose 124 points to close at 6,489.09 on Friday.
Today’s investor conferences will feature computer and peripherals-related stocks, such as Inventec Corp (英業達), Chicony Electronics Co (群光) and AVerMedia Technologies Inc (圓剛).
President Chain Store Corp (統一超商), Taiwan’s biggest convenience store chain operator of 7-Eleven stores, and New Palace International Co (新天地), a restaurant operator, will be the focus of Wednesday’s conference.
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