Since its first 1422 EUR rating title Joyou won 2

Have in common Chinese enterprises Joyou, Vtion Wireless Technology, Asian Bamboo, Greater China Precision Components and ZhongDe Waste Technology All chose the place of Frankfurt as a point fall European world-et - in their first grand step towards the stock made from their original lands. In March, the manufacturer of valves Joyou was the fifth value to enter successfully on one of the two segments of the market regulated the "Börse", raising EUR 105 million, included over-allocation clause. The trend is expected to continue this year, which generally appears to mark a restart of the introductions: "We intend to host five introductions on the stock market of Chinese enterprises this year," assures Martin Steinbach, Director of the Department emissions and investors in Deutsche Börse.

It would be a way to strengthen its leadership of European place for the reception of Chinese companies on regulated markets for the Börse. Martin Steinbach does not of course reveal the name of the aspiring, but can ensure that preparations are underway: "it takes about a year and a half between the first contacts with the leaders of the company and the"stroke of gong"symbolic day of its first rating", explains.

"Sectoral experience."

A rating in Europe project seems rather suited to Chinese companies of average size who feel marginalized by going on one of the two Chinese stock markets in Shenzhen and Shanghai, or even that of Hong Kong, which are dominated by large public companies in the process of privatization. Also, "the candidates companies appreciate to find Germany a strong industry experience in their industry", explains Martin Steinbach. Joyou is his alter ego with German Grohe, leader in its market. And add: "Chinese transmitter can count on a presence of relevant sectoral analysts and sophisticated investors which revolve around the Börse". It also means the guarantee of a high degree of liquidity as of fair value out of the introduction.

In the majority of the recent operations, Chinese companies have chosen to be accompanied by the private bank Sal Oppenheim, today resumed for its part investment by the Australian Bank Macquarie Bank. Side mounting legal, are most often the name of the law firm of CMS Hasche Sigle. A Frankfurt, Philipp Melzer, associate of the firm, explains the required type editing before the rating: "the initial situation is often where many Chinese entrepreneurs are associated in the capital of a non-operational holding company domiciled and located outside of China, for example in Hong Kong, it holds a subsidiary which operates the activities in China." Before the rating in Europe, the Chinese holding company becomes a wholly-owned subsidiary of a public limited company ("AG") created and recorded in Germany and which are associated with the same contractors initially, and investors through the issuance of new shares if any. "It is this vehicle which carries out its entry in the stock market in Germany."

Chinese shares have however known to this day a contrasting route. Since its first 14,22 EUR rating, title Joyou won 2. While introduced manufacturer of waste incinerators ZhongFe Waste, at 26 euros, dropped to 16 euros, lowering on the single session of Friday of 7.9. On the Stock Exchange also, must be to move to the Chinese.