“Shattered by an international bailout that stripped it of 80 per cent of its turnover, Cyprus’ stock exchange is aiming to be a magnet for Chinese firms seeking a foothold in Europe. The bourse’s lesser-regulated Emerging Market has 16 firms listed with a capitalisation of €702 million, including one with Chinese investors. Metaxas said bourse authorities had given preliminary approval for a second Chinese listing and the listing application of a third would be discussed at a board meeting this month. Chinese firms were attracted by a lack of red tape, ease of access to key officials, Cyprus’ euro-zone membership and the absence of a capital gains tax on share transfers, Metaxas said.”
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