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In a milestone decision, the Korea Exchange (KRX) on Friday announced it had given a Chinese company the greenlight to float shares on the bourse.

Huafeng Textile International Group Ltd will become the first foreign company to list in the country.

The listing could have a ripple effect on the mainland, where a number of companies are hankering for overseas listings.

Most mainland companies have long cast their sights on Hong Kong and the United States when seeking an overseas listing.

But times are changing. High-growth mainland companies are being aggressively courted by exchanges in London, Singapore, Germany, Tokyo and now South Korea.

That could pose a serious threat to both the NASDAQ and Hong Kong exchanges as well as NYSE Euronext, all favoured by Chinese companies.

On July 1, Chinese security regulators will begin allowing foreign stock exchanges to set up representative offices on the mainland. These offices will help bourses get closer to customers and expand promotional activities.

That will fuel competition among overseas bourses seeking out mainland customers.

Jiao Weixia, director of Sichuan provincial investment promotion bureau, said that a number of companies in Sichuan are preparing to list in South Korea.

That's a clear signal mainland companies are finding wider access to overseas stock exchanges.

In March, Shandong Gongyou Group Co Ltd, based in Weihai, Shandong Province, became the first mainland company to list in Germany, which could open the door to more listings, according to Deutsche Borse.

Because of the sizzling Chinese economic growth, the number of high-growth companies is on the rise. But overseas listings remain hard to find.

Foreign bourses need to expand their reach to second- and third-tier cities, similar to what venture capitalists have done in recent months.

Beijing and Shanghai attracted 60 percent of venture capital investment in China last year, but a number of VC companies are turning to smaller cities to find high-growth companies.

In fact, most high-growth companies, especially those privately held, were little known before launching IPOs or receiving venture capital.

Gushan Environmental Energy Ltd, a little known company in Fujian Province, is expected to launch one of the largest IPOs by mainland companies overseas this year.

United Capital Investment made a bold investment in Gushan in 2005 and is set to make gains from the IPO.

Overseas bourses need to move quickly to home in on companies like Gushan and Gongyou.

(For more biz stories, please visit Industry Updates)