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HSBC anxious for Shanghai listing
By Zhang Fengming |
June 9, 2010, Wednesday
|
Online Edition
Online Edition
HSBC Holdings Plc aims to raise a "significant amount" of capital with a planned stock listing in Shanghai, Chief Executive Officer Michael Geoghegan said today in Shanghai.
The biggest European bank by market value is awaiting rules on allowing foreign companies to list on the Chinese mainland, or the so-called international board, Geoghegan told a media briefing in Shanghai today.
HSBC wants to make its shares "easily tradable in Shanghai" and the sale should reflect the size of the group, Geoghegan said, declining to give more details.
The rules on trading shares of overseas companies are long awaited. China currently strictly controls foreign exchange flow under the capital account.
HSBC Chairman Stephen Green said last month that the bank is more likely to list shares in Shanghai in 2011 than this year.
HSBC, founded in Hong Kong and Shanghai in 1865, has hired China International Capital Corp and Citic Securities Co to advise on an offering of more than US$5 billion in China's financial hub, according to earlier media reports.
HSBC opened its 100th outlet on the Chinese mainland today in Shanghai, making it the largest foreign lender in the country by that measure.
Helen Wong, HSBC China's chief executive and president designate, said the bank will take every opportunity to expand its network subject to regulatory approval and the bank will continue to expand at the similar pace since it started its local incorporation.
HSBC is also searching for a partner to form a securities joint venture in China, HSBC Asia-Pacific Chief Executive Peter Wong said today.
The bank also opened its new China headquarters today in the HSBC Building in Lujiazui Area in Pudon.
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The biggest European bank by market value is awaiting rules on allowing foreign companies to list on the Chinese mainland, or the so-called international board, Geoghegan told a media briefing in Shanghai today.
HSBC wants to make its shares "easily tradable in Shanghai" and the sale should reflect the size of the group, Geoghegan said, declining to give more details.
The rules on trading shares of overseas companies are long awaited. China currently strictly controls foreign exchange flow under the capital account.
HSBC Chairman Stephen Green said last month that the bank is more likely to list shares in Shanghai in 2011 than this year.
HSBC, founded in Hong Kong and Shanghai in 1865, has hired China International Capital Corp and Citic Securities Co to advise on an offering of more than US$5 billion in China's financial hub, according to earlier media reports.
HSBC opened its 100th outlet on the Chinese mainland today in Shanghai, making it the largest foreign lender in the country by that measure.
Helen Wong, HSBC China's chief executive and president designate, said the bank will take every opportunity to expand its network subject to regulatory approval and the bank will continue to expand at the similar pace since it started its local incorporation.
HSBC is also searching for a partner to form a securities joint venture in China, HSBC Asia-Pacific Chief Executive Peter Wong said today.
The bank also opened its new China headquarters today in the HSBC Building in Lujiazui Area in Pudon.
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