NEW YORK, Aug. 15, 2008 (PRIME NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced the listing of Chardan 2008 China Acquisition Corp. ("Chardan") (Nasdaq:CACUA), an acquisition company targeting mid-size Chinese companies seeking access to U.S. capital markets. In addition to the current acquisition company, Chardan's management team has completed three acquisition company IPOs with companies having their principal operations in the People's Republic of China, all of which are currently listed on the NASDAQ Global Select Market.
"The U.S. capital markets present a tremendous opportunity for emerging Chinese companies as they work to grow their businesses," said Bob McCooey, Senior Vice President, NASDAQ OMX. "Chardan's management team has recognized and facilitated this avenue of growth, having successfully brought three Chinese companies to market in the U.S." McCooey continued, "we believe that by listing on NASDAQ, acquisition companies demonstrate their commitment to investors by embracing our marketplace's more stringent listing standards for this growing market segment."
Chardan's executives prior acquisition company transactions include: 1) Chardan China Acquisition Corp., which raised $24.15 million in an initial public offering of its securities in March 2004 and merged with and into Origin Argitech Limited (Nasdaq:SEED) in October 2005; 2) Chardan North China Acquisition Corporation, which raised $34.5 million in an initial public offering of its securities in August 2005 and merged with and into HLS Systems International Ltd. (Nasdaq:HOLI) in September 2007; and 3) Chardan South China Acquisition Corporation, which raised $34.5 million in an initial public offering of its securities in August 2005 and merged with and into A-Power Energy Generation Systems, Ltd (Nasdaq:APWR) in January 2008.
Richardson & Patel LLP acted as special U.S. securities counsel to the Company, Maples & Calder acted as BVI counsel to the Company and Ellenoff Grossman & Schole LLP acted as counsel to the underwriters.
Chardan is the first acquisition company to list on The NASDAQ Stock Market following the exchange's approval earlier this year to allow acquisition vehicle listings.
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