Conditions ripe for international board
By Lydia Chen |
May 18, 2011, Wednesday
|
Print Edition
Print Edition
CONDITIONS are ripe for Shanghai to launch its long-awaited international board and shares traded on it will be denominated in the yuan, a senior official of China's top securities regulator said yesterday.
"We hope to find a perfect timing to launch the board to give it an easy labor rather than C-section, but there is no timetable now," Wang Jianjun, vice director of the general office of the China Securities Regulatory Commission, told at a press conference for the upcoming Lujiazui Forum.
The three-day Lujiazui Forum will open in Shanghai tomorrow. The Shanghai Financial Climate Index will be released for the first time at the annual event, which was initiated in 2008 to help the city build itself into a global financial center.
All the technical regulations and related issues of the international board have already been cleared, Wang said.
He denied previous media reports that trading on the board will be in US dollar, confirming that all shares will be denominated in the yuan.
According to previous reports, 10 overseas-listed companies will be the first to sell shares on the foreign board, which is expected to open later this year. The firms, including foreign and Chinese companies, will debut on the new board under a trial program, according to the 21st Century Business Herald.
Prospective firms are required to have a market capitalization of at least 30 billion yuan (US$4.6 billion) and to post a combined net profit above 3 billion yuan over three years, the newspaper said, citing a draft plan. The companies should also achieve a net profit of more than 1 billion yuan in the year before the share sale.
"We hope to find a perfect timing to launch the board to give it an easy labor rather than C-section, but there is no timetable now," Wang Jianjun, vice director of the general office of the China Securities Regulatory Commission, told at a press conference for the upcoming Lujiazui Forum.
The three-day Lujiazui Forum will open in Shanghai tomorrow. The Shanghai Financial Climate Index will be released for the first time at the annual event, which was initiated in 2008 to help the city build itself into a global financial center.
All the technical regulations and related issues of the international board have already been cleared, Wang said.
He denied previous media reports that trading on the board will be in US dollar, confirming that all shares will be denominated in the yuan.
According to previous reports, 10 overseas-listed companies will be the first to sell shares on the foreign board, which is expected to open later this year. The firms, including foreign and Chinese companies, will debut on the new board under a trial program, according to the 21st Century Business Herald.
Prospective firms are required to have a market capitalization of at least 30 billion yuan (US$4.6 billion) and to post a combined net profit above 3 billion yuan over three years, the newspaper said, citing a draft plan. The companies should also achieve a net profit of more than 1 billion yuan in the year before the share sale.
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