HSBC targets Shanghai listing
By Zhang Fengming |
June 10, 2010, Thursday
|
Print Edition
Print 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 yesterday in Shanghai.
The biggest European bank by market value is waiting for rules that will allow overseas companies to list on the Chinese mainland, or the so-called international board, Geoghegan told a media briefing in Shanghai yesterday. The bank wants its shares to be "easily tradable in Shanghai" and the sale should reflect the size of the group, he said, declining to give more details.
The lender, founded in Hong Kong and Shanghai in 1865, is among a couple of overseas companies which are eager to ride on the capital market in the world's fastest growing major economy.
The rules on trading shares of overseas firms are eagerly awaited. China strictly controls the 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 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 is also searching for a partner to form a securities joint venture in China, HSBC Asia-Pacific Chief Executive Peter Wong said yesterday.
The bank opened its 100th outlet on the Chinese mainland yesterday in Shanghai, making it the largest foreign lender in the country by branches, as well as its new China headquarters occupying 22 floors in the 53-story HSBC Building in the Lujiazui area in Pudong New Area.
HSBC said earlier this week that it will spend US$921 million to subscribe for full entitlement of a rights offer by the Bank of Communications. Shanghai-based BoCom, in which HSBC owns 19.01 percent, will sell 33.1 billion yuan (US$4.85 billion) of shares, about 20 percent less than initially planned.
Geoghegan said HSBC intends to keep its 8 percent stake in the Bank of Shanghai and will "watch" its investment as the city commercial lender prepares for an initial public offering.
HSBC has invested more than US$5 billion in China, including partners such as BoCom and the Bank of Shanghai.
The biggest European bank by market value is waiting for rules that will allow overseas companies to list on the Chinese mainland, or the so-called international board, Geoghegan told a media briefing in Shanghai yesterday. The bank wants its shares to be "easily tradable in Shanghai" and the sale should reflect the size of the group, he said, declining to give more details.
The lender, founded in Hong Kong and Shanghai in 1865, is among a couple of overseas companies which are eager to ride on the capital market in the world's fastest growing major economy.
The rules on trading shares of overseas firms are eagerly awaited. China strictly controls the 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 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 is also searching for a partner to form a securities joint venture in China, HSBC Asia-Pacific Chief Executive Peter Wong said yesterday.
The bank opened its 100th outlet on the Chinese mainland yesterday in Shanghai, making it the largest foreign lender in the country by branches, as well as its new China headquarters occupying 22 floors in the 53-story HSBC Building in the Lujiazui area in Pudong New Area.
HSBC said earlier this week that it will spend US$921 million to subscribe for full entitlement of a rights offer by the Bank of Communications. Shanghai-based BoCom, in which HSBC owns 19.01 percent, will sell 33.1 billion yuan (US$4.85 billion) of shares, about 20 percent less than initially planned.
Geoghegan said HSBC intends to keep its 8 percent stake in the Bank of Shanghai and will "watch" its investment as the city commercial lender prepares for an initial public offering.
HSBC has invested more than US$5 billion in China, including partners such as BoCom and the Bank of Shanghai.
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