You will hear a monologue about Chinese companies listing on German stock market. For each question(23-30), mark one letter(

You will hear a monologue about Chinese companies listing on German stock market.
For each question(23-30), mark one letter(A, B or C)for the correct answer.
After you have listened once, replay the recording.
You have 45 seconds to read through the questions.
[Pause]
Now listen, and mark A, B or C.
Man: When Chinese garbage company Fujian Fengquan Environmental Protection Co. decided to list its shares overseas, it made what seemed like an odd choice: it chose the German stock exchange Deutsche Boerse AG.
With China’s market booming, prices probably would have been higher back home. And historically, when Chinese companies have done initial public offerings abroad, they have usually chosen New York or London.
But Fengquan is one of several Chinese companies starting to take advantage of capital markets in continental Europe. A sign of China’s broadening economic relations overseas, these companies are looking to markets like Frankfurt, the German financial capital, to take advantage of business ties or to boost their brands in Europe. In July, Fengquan listed in Frankfurt as ZhongDe Waste Technology AG, raising $130 million and moving its headquarters to Hamburg, Germany, from the Chinese province of Fujian.
Earlier this month, Asian Bamboo AG completed its listing on Frankfurt’s main exchange, raising $130 million. Vtion Wireless Technology AG announced this week that it is also doing a pre-lPO road show and expects to raise as much as $150 million.
Depending on market conditions, German underwriters expect an additional half dozen to list on the main board next year, too.
Still, even if all these deals come to fruition, Frankfurt and other European exchanges won’t soon challenge New York or Hong kong for dominance in overseas listing of Chinese companies.
Europe has less than 1% of the total dollar value of Chinese companies’ initial public offerings. About 96% have listed in Hong Kong with the rest in Singapore and New York.
But Chinese listings in continental Europe are likely to rise as Chinese companies move more aggressively into Europe, where they are slowly starting to penetrate.
The Chinese companies are taking advantage of IPO growth on European exchanges, which last year had a higher value of IPOs than U.S. markets.
Recent turbulence in U.S. markets stemming from the subprime-mortgage debacle also has made Europe seem more attractive, as has the strength of the euro.
Most decisive are specific corporate strategies that call for a strong European presence, which a local IPO can help cultivate. ZhongDe builds small-scale incinerators and relies on Chinese technology, but it hopes to move to larger plants and use imported technology. A listing in Frankfurt allows ZhongDe to recast itself as a Germany-based company and to tap into that country’s expertise in environmental technology, said George Lee, head of the company’s investor relations.
Likewise, Asian Bamboo wants to use Germany’s reputation as a leader in environmental protection to expand its business. The company runs bamboo plantations, using the fast-growing plant for construction and paper. Vtion makes wireless cards for computers and hopes to enter into partnerships with German technology companies.
The new companies listing in Frankfurt are placing themselves in the exchange’s "Prime Standard" segment, the Deutsche Boerse’s higher-end listings that are required to have the highest transparency. Mr. Jensen of Oppenheim said doing this gives the companies more credibility — and hopefully creates more liquidity in their shares.
Earlier this month, Deutsche Boerse presented a study arguing that the Frankfurt market offers lower comparable listing costs than the London Stock Exchange, the New York Stock Exchange, Nasdaq Stock Market or Euronext.
"It has to make sense for the companies, but we think we have something to offer in terms of price," said Rainer Riess, managing director of Deutsche Boerse’s business development "We want to be a real alternative."