The New York Stock Exchange and Nasdaq have both applied to open offices in China amid heightened competition for Chinese listings between the two and their rivals in London and Asia. The London Stock Exchange in particular has become more aggressive in courting Chinese companies for initial public offerings since the passage in the US of the Sarbanes-Oxley legislation, which set tough corporate governance rules.

Chinese regulators refused to comment on the applications by the NYSE and Nasdaq to open representative offices, but officials in Beijing informed foreign bankers about the move in a meeting last week.