The Tokyo Stock Exchange said Thursday it has given approval for Xinhua Finance Ltd. to become the first Chinese firm to make an initial public offering on the TSE Mothers market for startups Oct. 28.
Xinhua Finance, an affiliate of China's official Xinhua News Agency, is also the first foreign firm to debut on the Mothers market.
Founded in January, it provides financial news and credit-rating services to both Chinese and foreign companies. Its sales are projected at about E billion for 2004.
When making the decision to accept Xinhua Finance's IPO, the TSE took into consideration the large number of Japanese investors interested in Chinese firms and the exchange's close business relations with the information services provider, a TSE spokesman said.