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Shanghai said to unveil international board this year
By Lydia Chen |
February 23, 2011, Wednesday
|
Online Edition
Online Edition
CHINA is expected to launch the much anticipated international board in the second half of this year, a senior executive of China's leading investment bank, revealed today.
The board will start trading in Shanghai after the whole plan gets final nod from the central government, Zhang Xiaoming, managing director of China International Capital Corp, told a financial forum in Brazil.
Many foreign companies have already approached CICC for more information about possible listings on the new market, he added, without revealing details.
Zhang said Shanghai's international board will only open to big companies in the initial phase. Medium-sized firms are advised to seek listing on the Hong Kong Stock Exchange.
But officials with Shanghai Stock Exchange, who happened to be attending the same forum, made no comments on Zhang's remarks. CICC's Beijing headquarters also declined to comment.
The international board, which has been in preparation for years, will become a milestone in Shanghai's journey to become a leading global financial center by 2020.
The yuan-backed board will offer foreign firms access to large sums of funds for business expansion while Chinese investors could also find new ways to reap profits.
Companies such as HSBC and Unilever have signaled that 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 hoped the board would debut this year as the city "wants to attract the best companies in the world to go public here."
But government enthusiasm was seen as inappropriate by some who are worried that the board could turn into an ATM machine for foreign companies as China's ability to supervise listed firms is not strong and its stock markets are still immature.
The board will start trading in Shanghai after the whole plan gets final nod from the central government, Zhang Xiaoming, managing director of China International Capital Corp, told a financial forum in Brazil.
Many foreign companies have already approached CICC for more information about possible listings on the new market, he added, without revealing details.
Zhang said Shanghai's international board will only open to big companies in the initial phase. Medium-sized firms are advised to seek listing on the Hong Kong Stock Exchange.
But officials with Shanghai Stock Exchange, who happened to be attending the same forum, made no comments on Zhang's remarks. CICC's Beijing headquarters also declined to comment.
The international board, which has been in preparation for years, will become a milestone in Shanghai's journey to become a leading global financial center by 2020.
The yuan-backed board will offer foreign firms access to large sums of funds for business expansion while Chinese investors could also find new ways to reap profits.
Companies such as HSBC and Unilever have signaled that 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 hoped the board would debut this year as the city "wants to attract the best companies in the world to go public here."
But government enthusiasm was seen as inappropriate by some who are worried that the board could turn into an ATM machine for foreign companies as China's ability to supervise listed firms is not strong and its stock markets are still immature.
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