Choi to boost funds in Shanghai
“The aim is to draw more Chinese investors to Korean markets and to Korean Exchange-listed products such as exchange-traded funds,” Choi Kyung-soo, chairman and chief executive officer of Korea Exchange, said in a Nov. 12 interview in Seoul. “We’ll strengthen cooperation with Chinese companies and exchanges, and hold the 2015 Korean Capital Markets Roadshow in Shanghai next month with the Shanghai Stock Exchange.”
Choi said the exchange operator is looking for business opportunities overseas, adding that the bourse aims to go public in an effort to raise money for expansion and to finance potential mergers and acquisitions abroad.
Choi’s plans to visit Shanghai come after Korean President Park Geun-hye and Chinese Premier Li Keqiang agreed last month to push for progress in free trade deals and to set up funds aimed at supporting companies seeking to enter markets in other countries. The two nations agreed also to start direct trading between the yuan and the Korean won in Shanghai, while China pledged to support Korea’s plan to issue yuan- denominated sovereign bonds.
China’s central bank said on Oct. 30 that it will consider a trial program in the Shanghai free-trade zone allowing domestic investors to directly buy overseas assets. Currently, citizens can buy into funds investing abroad as part of a quota system. Bloomberg