Money
Shanghai's Int'l Board prepares for trade
By Jiang Jianguo (China Daily)
Updated: 2011-04-23 09:21
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SHANGHAI - China's regulators may allow 10 foreign and overseas-listed Chinese companies to sell shares in Shanghai under a trial program after two years of preparation, the 21st Century Business Herald reported, citing a draft plan.
Companies seeking to list on Shanghai's so-called international board should achieve a market capitalization of more than 30 billion yuan ($4.6 billion) and have a combined three-year net income of more than 3 billion yuan, according to the newspaper.
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HSBC Holdings Plc, Standard Chartered Plc and Bank of East Asia Co plan to accelerate preparations for listing in Shanghai, the Shanghai branch of the China Banking Regulatory Commission said in a statement earlier this week.
Funds raised from the stock sales may be used abroad, according to Friday's report. The companies include so-called red-chips which are overseas-incorporated Chinese businesses listed in Hong Kong, the report said.
Shanghai is seeking to become an international financial center by 2020 and is expanding the range of financial products offered to investors. The exchange introduced stock-index futures last year and plans to allow foreign companies to list their shares in Shanghai this year.
Hong Kong-listed CNOOC Ltd will sell shares on Shanghai's foreign stocks board if it gets regulatory clearance, Chairman Fu Chengyu said last month.
The benchmark Shanghai Composite Index dropped 14 percent last year, making China the worst performer among the world's 10 biggest stock markets. It has rebounded 7.7 percent so far this year.
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