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Launching of board eyed for 'overseas returns'

Almost always in the past decade, when the A-share market curved toward a bullish cycle, calls for overseas-listed companies such as China Mobile to return to the A-share market become strong.

No doubt this year, when the Shanghai Composite Index almost doubled since the tough period of late last year, speculation is on the rise that China's security regulator might take it as an opportunity to build up the fundraising capacity of its A-share market - in the form of setting up an international board to accommodate "overseas returns".

All signs indicate that, this time, it could be true, because Shanghai Mayor Tu Guangshao, the former vice-chairman of the China Securities Regulatory Commission (CSRC), said in a recent interview that the international board is expected to be launched next year.

Tu reportedly called for the world's sixth-biggest stock exchange to become a more open market.

The remarks were seen by industry insiders as urging the security regulator to speed up the A-share market's internationalization connections.

Industry insiders said that this is the first time a top Chinese official has given a schedule for the list of overseas companies since the long-awaited international board was mentioned by the government in its efforts to build Shanghai into an international financial hub.

Caijing Magazine also reported yesterday that China Mobile, the country's largest overseas-listed company, or the so-called "red chip", has hired leading brokerage firm China International Capital Corp (CICC) for arranging A-share sales, and that the company could be listed on the Shanghai bourse in 2010.

Others who could join the red chips are a batch of foreign firms, such as HSBC Holdings, the Development Bank of Singapore, NYSE Euronext and the NASDAQ, which have shown interest in being listed on the Shanghai bourse.

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 Source : China Daily  Editor: Ivy
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