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Seoul to widen foreign stock listings
Foreign companies not listed on exchanges elsewhere in the world will be allowed to list their shares on Korea's stock exchanges, the Financial Supervisory Service said yesterday.
The regulatory change, effective today, reverses the earlier standard that allowed only secondary listings here for companies whose shares were traded on at least one other exchange.
The service said it hoped the revision would attract more foreign companies to the Seoul exchanges and boost the development of securities markets here.
"Some unlisted Chinese companies are considering the possibility of listing on Seoul stock markets, so we expect that the first listing by such a firm will be made next year," an official at the financial agency said.
Foreign companies will have to meet the same listing requirements as Korean companies. They must have sales of at least 20 billion won ($19.7 million) annually for the last three fiscal years, and they should have at least 10 billion won in shareholder capital.
After listing here, the overseas companies will be required to make disclosures in the Korean language, the financial regulator said.
Foreign companies will be allowed to use accounting principles generally accepted in the United States or by global standards instead of local accounting rules when they submit financial statements to exchange and government regulators. Once selected, though, the accounting standard cannot be changed without regulatory approval.