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      Platform to provide US funds for SMEs

      2014-11-19 11:23 China Daily Web Editor: Qin Dexing
      1

      New York-based Thor Partners LP is setting up a platform with a partner in China to help Chinese small and medium-sized companies list in the United States, according to executives of both firms.

      Thor and Suzhou Industrial Park Kaida Venture Capital Co Ltd, based in Jiangsu province, announced on Monday in Beijing that they are acquiring an equity exchange in the US that will focus on Chinese SMEs.

      Details are to be announced after transaction is completed.

      "The recent listing of Alibaba (Group Holding Ltd) in the US captured headlines, but the world's largest, most liquid capital market, the US, has remained totally closed to the SMEs of the world's fastest-growing economy, China," said Thor Chairman Richard Fuld, who was chief executive officer of Lehman Brothers.

      He said that US investors have not fully regained confidence in Chinese companies listed in the US after cases of financial fraud, and many good Chinese companies' enthusiasm to list in the US has also been affected.

      "But US investors show great interest in Chinese companies because of the huge potential of the Chinese economy and the vast number of consumers there," said Fuld.

      Wang Yulong, chairman of Suzhou Industrial Park Kaida Venture Capital, said: "We will join hands and set new standards, rules and channels for Chinese companies getting listed in the US."

      Wang said the new standards and rules will consider the accuracy of financial data as an important factor. "We look for companies that have annual net profit between $3 million and $8 million."

      Fuld said the firms are seeking cooperation with regional equity exchanges in China and will help their listed companies go public in the US.

      They reached a strategic cooperation agreement with the Wuhan Equity Exchange in Hubei province on the issue in August.

      Fuld said he looks favorably on China's economy, but it also should be careful of risks in commercial banks' loans, insurance companies' investment returns, capital outflows and foreign exchange rates.

      According to ChinaVenture Group, 12 Chinese companies went public in the US market from January to October.

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