By Seo Jee-yeon
Staff Reporter


Powerleader Science & Technology, a China-based information and technology firm, is expected to become the first foreign firm to list its stock in Korea, an official of Hyundai Securities said Monday.

The Chinese manufacturer and distributor of computer servers and related products has proceeded with its stock listing plan in Korea since it chose Hyundai Securities as lead manager for its initial public offering (IPO) last December.

``Everything is going smoothly. We expect the company to become the first foreign stock listing firm in Korea in the second half of this year,’’ said Choi Jung-hee of Hyundai Securities, quoted in a local newspaper.

Choi is in charge of the firm’s Chinese operations in Shanghai.

Powerleader, a partner firm of U.S. chipmaker Intel, whose stock is traded on the Hong Kong stock market, has sought a stock listing in Korea to raise capital to expand its business domain to the game industry amid a slump in the Chinese stock market, Choi said.

Choi said a number of Chinese firms recently expressed interest in listing its stock in Korea to raise capital for business expansion amid the slump.

Because of expectations its growth over the next few years will outpace other Asian rivals, the Korean stock market is becoming more attractive to Chinese firms.

The Korea Exchange (KRX), estimated some 3,000 Chinese firms, including 1,500 listed firms, are qualified to debut on the local stock market.

As part of its efforts to attract foreign firms and globalize the local bourse, the KRX streamlined rules on foreign stock listings last December.

It is also anticipating foreign investors from the U.S. and European Union, among others, will list on the local stock market following the Chinese listing.

No foreign companies have stock listed on nation’s stock market which is ranked 15th in the world in terms of market capitalization.

jyseo@koreatimes.co.kr