Edible oil firm China Corn Oil ALCCO.PA has raised 5 million euros ($9.8 million) in the first offering by a Chinese firm on NYSE Euronext's Alternext market for small and mid-sized companies.
Since it started in 2005, Paris-based NYSE Alternext has seen 121 small and midsized firms raise 1.6 billion euros in total via initial public offerings.
"This success bears out the global strategy towards international listings we set up two years ago," said Jean-Francois Theodore, deputy chief executive director of NYSE Euronext.
China Corn Oil sold 6 percent of its share capital at 19.83 euros per share in a deal arranged by French investment bank Invest Securities.
The stock closed at 20.81 euros, or 4.9 percent above the IPO price, valuing the company at 87.5 million euros.
Invest Securities said it plans to bring other Chinese companies to Alternext.
Competition for Chinese overseas IPOs has intensified since major bourses rushed to open offices in Beijing last year. NYSE Euronext now has 44 companies from the Chinese mainland, nine from Hong Kong and five from Taiwan.
Rival London Stock Exchange, so far the most popular European venue for Chinese firms seeking overseas listings, has 68 Chinese firms, of which six are listed on its main market and 62 are quoted on the Alternative Investment Market (AIM).
British Prime Minister Gordon Brown urged China to allow more firms to list abroad when he opened London Stock Exchange's new Beijing office in January.
NYSE Euronext and Nasdaq Stock Market opened offices in Beijing on Dec. 3 and Dec. 11, respectively.
Other European exchanges are also catching up.
Waste processing firm ZhongDe Waste Technology AG raised $130 million on the Deutsche Boerse in July, with an aim to boost business ties and to promote its brands in Europe.
Asia Bamboo, which cultivates and harvests bamboo in China, also raised 95.2 million euros on Frankfurt's main exchange in a 15-times oversubscribed IPO.
Recent turbulence in U.S. markets stemming from the subprime crisis and the Sarbanes-Oxley Act, which tightens accounting and disclosure requirements for companies listed on U.S. exchanges, have made Europe more attractive, as has the strength of the euro.