NYSE 'very committed' to wooing more Asian companies to list in US

纽约证券交易所最近几个季度都有特殊目的收购公司的大量上市，它预计将吸引更多的亚洲公司采取SPAC方式在美国上市。

Toward the end of 2020, a number of Asia-headquartered SPAC listings took off on the U.S. exchange. The popularity of SPAC IPOs has prompted Singapore and Hong Kong exchanges to evaluate whether to allow the listings of such skeleton organizations that raise money from investors with the goal to acquire a company and subsequently take it public.

到2020年底，总部位于亚洲的SPAC上市在美国交易所开始了。 SPAC IPO的普及促使新加坡和香港的交易所评估是否允许此类骨架组织上市，这些骨架组织旨在从投资者那里筹集资金以收购公司并随后将其上市。

The relatively deeper market in the U.S. will continue to drive SPACs from Asia and other parts of the world to seek listing on the NYSE, Alex Ibrahim, head of international capital markets at the bourse operator, told S&P Global Market Intelligence in an interview.

交易所运营商国际资本市场负责人亚历克斯·易卜拉欣（Alex Ibrahim）在接受采访时表示，美国相对较深的市场将继续推动亚洲及世界其他地区的SPAC寻求在纽约证券交易所上市。

NYSE, the world's biggest exchange by market capitalization of companies listed on it, is also looking to deepen its relationship with Asia-based companies, aiming to bring them to New York to either debut or pursue a secondary listing. It recently had South Korea's e-commerce company Coupang Inc. ring the market bell, which has been the second-largest non-U.S. IPO on the exchange. Chinese software company Tuya Inc. also listed on the NYSE this month.

纽约证交所是全球上市公司市值最大的交易所，它也在寻求加深与亚洲公司的关系，旨在将它们带到纽约进行首次公开​​募股或进行二次上市。最近，它在韩国的电子商务公司Coupang Inc.敲响了市场钟声，这是该交易所第二大非美国IPO。中国软件公司Tuya Inc.也于本月在纽交所上市。

The following is an edited transcript of the interview.以下是采访的经笔录

S&P Global Market Intelligence: If Singapore and Hong Kong exchanges allow SPAC listings, will it reduce the attractiveness of NYSE for Asian companies?

标普全球市场情报：如果新加坡和香港交易所允许SPAC上市，是否会降低纽约证券交易所对亚洲公司的吸引力？

Alex Ibrahim: Last year, the majority of SPACs that actually listed were U.S.-based. Towards the end of the year, we were starting to see some movement in other parts, like Israel and Asia-Pacific. We have an incredible pipeline of SPACs coming from Hong Kong and Singapore.

亚历克斯·易卜拉欣（Alex Ibrahim）：去年，实际列出的大多数SPAC都位于美国。到今年年底，我们开始看到其他地区的活动，例如以色列和亚太地区。我们拥有来自香港和新加坡的SPAC令人难以置信的产品线。

I think the other markets, because they see the success of the SPACs here in the U.S., are creating rules to attract local SPACs. The benefit of being in the U.S. is because of the depth of this market. There's so much liquidity here, so much money that those portfolio managers or sponsors can tap into. So the U.S. market will continue to be the destination not only from U.S.-based SPACs, but also SPACs based outside the U.S.
我认为其他市场，因为他们看到了SPAC在美国的成功，因此正在制定规则吸引本地SPAC。在美国的好处是因为这个市场的深度。这里有太多的流动性，有那么多的资金，这些投资组合经理或发起人可以利用。因此，美国市场将不仅是美国的SPAC的目的地，而且还将继续是美国以外的SPAC的目的地。

The SPAC route has the potential for abuse as companies can be listed at an unreasonable premium, or be used to fund inferior quality companies. Could that affect the popularity of future SPAC IPOs?

SPAC路线有可能被滥用，因为公司可以以不合理的溢价上市，或被用于资助劣质公司。这会影响未来SPAC IPO的受欢迎程度吗？

We're seeing that the companies that are being acquired by a SPAC are extremely high quality. I think this will continue because there are quite a few companies all over the world that are getting ready for an IPO or a potential M&A transaction. At the NYSE, our listing standards are very high. So, we're a little picky as we're the largest exchange in the world. We monitor those companies not only on listing day but ongoing.

我们看到被SPAC收购的公司质量很高。我认为这将继续下去，因为世界各地有许多公司正在准备进行IPO或潜在的并购交易。在纽约证券交易所，我们的上市标准很高。因此，我们有点挑剔，因为我们是世界上最大的交易所。我们不仅在上市之日而且还在持续监控这些公司。

What would you tell the other exchanges considering jumping on the SPAC bandwagon?

您打算考虑跳入SPAC潮流时告诉其他交易所吗？

They should be looking at their local market to see if there is an opportunity. Here in the U.S., SPACs has become the key product in the U.S. capital market alongside IPOs. We see participation not only from the very large institutional investors but also retail. So, there's a huge appetite.

他们应着眼于当地市场，看看是否有机会。在美国，SPAC与IPO一起已成为美国资本市场的主要产品。我们不仅看到非常大的机构投资者的参与，而且看到了零售业的参与。因此，胃口很大。

How important is attracting Asia-headquartered companies to list on the NYSE?

吸引总部位于亚洲的公司在纽交所上市有多重要？

We're very excited about the whole region, including China. We have a team on the ground in Beijing. Our person based in Hong Kong actually was responsible for bringing in Coupang, the second-largest international non-U.S. IPO since Alibaba Group Holding Ltd.

我们对包括中国在内的整个地区感到非常兴奋。我们在北京有一支实地团队。我们驻香港的人实际上负责引入Coupang，这是继阿里巴巴集团控股有限公司之后的第二大国际非美国首次公开发行股票。

Outside China, we're starting to see a lot of movement in Southeast Asia, namely Singapore, Indonesia and Malaysia, especially in the tech space. Recently, we're also starting to see movement from South Korea. There are quite a few companies that will want to follow the successful transaction that Coupang had in the U.S. capital markets. You see the performance, the visibility the NYSE provided to Coupang. Companies are looking at, eventually, to tap the U.S. market or even do a dual listing in Seoul and New York.
在中国以外，我们开始在东南亚（新加坡，印度尼西亚和马来西亚）看到很多动静，尤其是在科技领域。最近，我们也开始看到来自韩国的动静。有很多公司希望遵循Coupang在美国资本市场上的成功交易。您会看到性能，以及纽约证券交易所提供给Coupang的可见性。公司最终将着眼于开拓美国市场，甚至在汉城和纽约进行双重上市。
You mentioned tech firms — are those the kinds of companies NYSE is looking to attract?

您提到了高科技公司-纽约证交所希望吸引的公司类型是？

The sector that has really been represented in IPOs in the U.S. or globally is technology. The pipeline is extremely tech-focused and even consumer to certain degree. We are working with some consumer companies in the Asia region that could tap to the U.S. market in the near future.

在美国或全球的IPO中真正代表过的行业是技术。该管道非常注重技术，甚至在一定程度上甚至是消费者。我们正在与亚洲地区的一些消费类公司合作，这些公司可能会在不久的将来进入美国市场

How worried is NYSE about losing business from Chinese companies following the restrictions imposed by the U.S., which has forced several firms to consider listing in Hong Kong?

在美国施加限制（迫使几家公司考虑在香港上市）之后，纽约证券交易所担心中国公司失去业务吗？

Companies that have been traded in U.S. for a long time, like Baidu, want to have a secondary listing in Hong Kong. I think it's very healthy, because in the U.S., you really focus in the global investor base, but not the Chinese investors. Listing in Hong Kong can bring in those Chinese funds to trade on the Hong Kong Stock Exchange. At the end of the day, they create two pools of liquidity that are very deep for those companies. I think we're going to see more and more Chinese companies that are listed in the U.S., eventually having a secondary listing in Hong Kong.

在美国已经交易了很长时间的公司，例如百度，希望在香港二次上市。我认为这非常健康，因为在美国，您真正关注的是全球投资者群，而不是中国投资者。在香港上市可以吸引那些中国资金在香港证券交易所进行交易。归根结底，他们创造了两个流动性池，这对于那些公司来说是非常深的。我认为我们将会看到越来越多的中国公司在美国上市，并最终在香港二次上市。

What are your priorities for Asia-Pacific?

您在亚太地区的首要任务是什么？

Our strategy is really to work with entrepreneurs, their investors, their advisers, and explain the benefit of being a publicly traded company and looking to the U.S. capital markets, like, look at the depth, look at the type of investors that we have here. It's an educational process. The U.S. market is very deep, has huge appetite, and is looking for diversification. Asia, with the exception of China, is not very well represented yet on the U.S. exchanges. They can also create diversification by listing in the U.S. with their shareholder base. We can also provide them with global visibility, such as that for Coupang, that can be very important to companies in Asia that want to be seen as global players.

我们的策略实际上是与企业家，他们的投资者，他们的顾问合作，并解释成为一家上市公司并着眼于美国资本市场的好处，例如，研究深度，研究我们在这里拥有的投资者类型。这是一个教育过程。美国市场非常深入，胃口大，并且正在寻求多元化。除中国外，亚洲在美国交易所中的代表度还不是很好。他们还可以通过与股东基础在美国上市来实现多元化。我们还可以为他们提供全球知名度，例如Coupang的知名度，这对于希望被视为全球参与者的亚洲公司而言非常重要。