Regulator may let 10 firms list in trial
By Lydia Chen |
April 23, 2011, Saturday
|
Print Edition
Print Edition
CHINA'S top securities regulator may allow 10 overseas-listed companies to be the first to sell shares on the Shanghai international 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 after two years of preparation, the 21st Century Business Herald reported yesterday.
Candidates are required to have a market capitalization of at least 30 billion yuan (US$4.6 billion) with a combined three-year net income above 3 billion yuan. Net profit in the year before the share sale should be more than 1 billion yuan, the newspaper said, citing a draft plan.
The initial share price of each stock on the international board will be based on market consultation while their prices in overseas markets will also be a part of the consideration, according to the draft.
The number of shares sold on the board should be no less than 5 percent of the company's tradable shares.
Funds raised from the board can be used by the company in China or abroad, it added.
Chinese mainland companies listed in overseas markets are likely to outnumber their foreign counterparts at the first stage.
Currently, more than 80 mainland firms are listed on the Hong Kong stock market, including China Mobile, the world's biggest mobile phone carrier by subscribers, and Cnooc Ltd, China's largest offshore oil and gas producer.
Foreign firms such as HSBC, Standard Chartered, Procter & Gamble, Unilever and Royal Dutch Shell have all expressed interest in listing in the new board.
The firms, including foreign and Chinese companies, will debut on the new board under a trial program after two years of preparation, the 21st Century Business Herald reported yesterday.
Candidates are required to have a market capitalization of at least 30 billion yuan (US$4.6 billion) with a combined three-year net income above 3 billion yuan. Net profit in the year before the share sale should be more than 1 billion yuan, the newspaper said, citing a draft plan.
The initial share price of each stock on the international board will be based on market consultation while their prices in overseas markets will also be a part of the consideration, according to the draft.
The number of shares sold on the board should be no less than 5 percent of the company's tradable shares.
Funds raised from the board can be used by the company in China or abroad, it added.
Chinese mainland companies listed in overseas markets are likely to outnumber their foreign counterparts at the first stage.
Currently, more than 80 mainland firms are listed on the Hong Kong stock market, including China Mobile, the world's biggest mobile phone carrier by subscribers, and Cnooc Ltd, China's largest offshore oil and gas producer.
Foreign firms such as HSBC, Standard Chartered, Procter & Gamble, Unilever and Royal Dutch Shell have all expressed interest in listing in the new board.
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