TORONTO (Reuters) - TMX Group X.TO, the owner of Canada’s main stock exchange, is opening offices in Asia in a bid to lure Chinese listings and further bolster its standing as one of the world’s top resource hubs.
TMX, which is awaiting regulatory approval of a C$3.8 billion proposed takeover by Maple Group Acquisition Corp, said on Monday it has opened a “representative office” in Beijing.
The company said it will focus primarily on advancing Canada’s capital markets and TMX’s equity exchanges.
“Opening an office in Beijing underscores our commitment to ensuring that the benefits of the Canadian capital markets are well understood around the world,” Tom Kloet, TMX’s chief executive, said in a statement.
Along with the senior Toronto Stock Exchange, TMX Group’s operations include the small-cap TSX Venture Exchange, the Montreal Exchange derivatives market, an energy exchange, a market data business, as well as strategic partnerships with other exchanges, such as ICE.
Canadian Finance Minister Jim Flaherty, on hand for the launch, said the move formed an “important bridge between our respective capital markets and brings our market participants closer together.”
The TMX and Canadian regulatory bodies came under fire earlier this year as numerous Chinese companies with Canadian listings saw their stocks plummet amid charges of fraud, accounting irregularities, delayed filings and other issues.
Forestry company Sino-Forest has been the most prominent of the companies to come under scrutiny.
Beijing marks TMX’s second office outside North America. Earlier this year, it opened an office in London.
Recently, TMX said that the TSX and the Venture Exchange had added 318 listings this year, as of September 30, more than any other exchange group in the world.
Reporting by Jennifer Kwan; editing by Rob Wilson