(Reuters) -As many as 35% of the 4,600 companies now publicly traded on a U.S. stock exchange would not qualify to list on the proposed new Texas Stock Exchange, James Lee, CEO of the TXSE, told the Piper Sandler Global Exchange & Trading conference on Thursday.

Among those that would not qualify, Lee said, are Chinese-based companies that do not meet "basic" U.S. listing standards. He said he expects most of the TXSE's new listings business to come from smaller and mid-cap companies.

The TXSE first disclosed its plans last June and earlier this year filed seeking regulatory permission to launch, which its officials and backers have said could happen in the second half of 2025.