Major firms interested to list on new board
By Zhang Fengming |
July 14, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S planned international board for cross-border listings has attracted interest from well-known companies, according to an industry report yesterday.
HSBC Holdings Plc is one of several companies showing interest to be listed on the international board at the Shanghai Stock Exchange, which is part of the city's goals to be a global financial hub by 2020, Ernst & Young said yesterday.
The banking group aims to raise a "significant amount" of capital with a planned stock listing in Shanghai, CEO Michael Geoghegan said in June in the city.
The biggest European bank by market value wants its shares to be "easily tradable in Shanghai" and the sale should reflect the size of the group, Geoghegan said then.
The Shanghai bourse "is expected to continue to grow as the economy of the Chinese mainland expands," Yuan Yongmin, a partner at Ernst & Young, said.
The bigger of the mainland's two stock markets was ranked second globally by funds raised - US$18.3 billion - via initial public offerings in 2009. The Shanghai bourse is the world's sixth-biggest by market value.
A China Securities Regulatory Commission official said in June that one of its priorities this year is to get the international board on track and to institute a mechanism to allow firms listed on the board to convert the capital raised for overseas investment.
Previously, big Chinese banks were listed on more mature overseas markets. However, they are returning to the yuan-backed home market.
Over the past decade, Chinese mainland companies ranked first in cross-border IPOs by total funds raised and number of deals. These companies raised US$188 billion through 495 cross-border IPOs from 2000 to the first half of 2010.
HSBC Holdings Plc is one of several companies showing interest to be listed on the international board at the Shanghai Stock Exchange, which is part of the city's goals to be a global financial hub by 2020, Ernst & Young said yesterday.
The banking group aims to raise a "significant amount" of capital with a planned stock listing in Shanghai, CEO Michael Geoghegan said in June in the city.
The biggest European bank by market value wants its shares to be "easily tradable in Shanghai" and the sale should reflect the size of the group, Geoghegan said then.
The Shanghai bourse "is expected to continue to grow as the economy of the Chinese mainland expands," Yuan Yongmin, a partner at Ernst & Young, said.
The bigger of the mainland's two stock markets was ranked second globally by funds raised - US$18.3 billion - via initial public offerings in 2009. The Shanghai bourse is the world's sixth-biggest by market value.
A China Securities Regulatory Commission official said in June that one of its priorities this year is to get the international board on track and to institute a mechanism to allow firms listed on the board to convert the capital raised for overseas investment.
Previously, big Chinese banks were listed on more mature overseas markets. However, they are returning to the yuan-backed home market.
Over the past decade, Chinese mainland companies ranked first in cross-border IPOs by total funds raised and number of deals. These companies raised US$188 billion through 495 cross-border IPOs from 2000 to the first half of 2010.
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