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International board said to launch in H2
By Chen Li |
February 24, 2011, Thursday
|
Print Edition
Print Edition
CHINA is expected to launch the long-anticipated international board in the second half of this year, according to a senior executive of the country's leading investment bank.
The board will start trading in Shanghai after the central government is expected to give the final approval by then, Zhang Xiaoming, managing director of China International Capital Corp, told a financial forum in Brazil early yesterday.
Zhang also said the international board will initially be opened to only big companies and that several foreign enterprises have approached CICC for more information about possible listing on the new board.
But Shanghai Stock Exchange officials, who were also attending the same forum, didn't comment on Zhang's remarks. CICC's Beijing headquarters also declined comment.
The yuan-backed board will offer access for foreign firms to raise large sums of funds for their business expansion while it may provide an alternative investment channel for Chinese investors.
Companies such as HSBC and Unilever have signaled they are keen to list on the board by selling yuan-denominated shares to fuel their growth, Vice Mayor Tu Guangshao said last week.
Fang Xinghai, head of the Shanghai Financial Services Office, told Shanghai Daily in January that he hopes the board will debut this year as the city "wants to attract the best companies in the world to go public here."
The board will start trading in Shanghai after the central government is expected to give the final approval by then, Zhang Xiaoming, managing director of China International Capital Corp, told a financial forum in Brazil early yesterday.
Zhang also said the international board will initially be opened to only big companies and that several foreign enterprises have approached CICC for more information about possible listing on the new board.
But Shanghai Stock Exchange officials, who were also attending the same forum, didn't comment on Zhang's remarks. CICC's Beijing headquarters also declined comment.
The yuan-backed board will offer access for foreign firms to raise large sums of funds for their business expansion while it may provide an alternative investment channel for Chinese investors.
Companies such as HSBC and Unilever have signaled they are keen to list on the board by selling yuan-denominated shares to fuel their growth, Vice Mayor Tu Guangshao said last week.
Fang Xinghai, head of the Shanghai Financial Services Office, told Shanghai Daily in January that he hopes the board will debut this year as the city "wants to attract the best companies in the world to go public here."
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