Almost always in the past decade, when the A-share market curved toward a bullish cycle, calls for overseas-listed companies such as China Mobile to return to the A-share market become strong.

No doubt this year, when the Shanghai Composite Index almost doubled since the tough period of late last year, speculation is on the rise that China's security regulator might take it as an opportunity to build up the fundraising capacity of its A-share market - in the form of setting up an international board to accommodate "overseas returns".

Tu reportedly called for the world's sixth-biggest stock exchange to become a more open market.

The remarks were seen by industry insiders as urging the security regulator to speed up the A-share market's internationalization connections.

Industry insiders said that this is the first time a top Chinese official has given a schedule for the list of overseas companies since the long-awaited international board was mentioned by the government in its efforts to build Shanghai into an international financial hub.

Caijing Magazine also reported yesterday that China Mobile, the country's largest overseas-listed company, or the so-called "red chip", has hired leading brokerage firm China International Capital Corp (CICC) for arranging A-share sales, and that the company could be listed on the Shanghai bourse in 2010.

Others who could join the red chips are a batch of foreign firms, such as HSBC Holdings, the Development Bank of Singapore, NYSE Euronext and the NASDAQ, which have shown interest in being listed on the Shanghai bourse.

HSBC Holdings Plc, Europe's biggest bank by market value, was said to have hired CICC and CITIC Securities Co to advise it on a share sale in Shanghai, Bloomberg reported on Wednesday, citing two people with knowledge of the matter.

"It is likely for these companies to be listed in 2010, considering the current affluent liquidity in the A-share market. The security regulator has to add supply to the market, which is blowing a growing bubble," said Li Zhongzhi, an analyst with Ping An Securities.

"The market needs huge companies such as China Mobile to balance it, " Li said.