Stocks News
- Shanghai News
Date: 8-May-2007 Sources: (Shenzhen Daily)
THE Shanghai Stock Exchange is in talks with HSBC and other high-profile foreign firms to list their shares on the exchange, the Financial Times reported May 1.
The exchange has held positive discussions with several companies, including HSBC, the newspaper quoted James Liu, a senior bourse official, as saying.
A mainland listing for global lender HSBC would underline the dramatic re-emergence of Shanghai as an attractive capital market following a four-year slump, the newspaper said. The flagship Shanghai index has trebled over the past 18 months.
Listings for foreign firms would also boost their profile in China as they look to expand in the massive, fast-growing market.
But no such foreign listings are expected in the short term and several technical issues still need to be resolved.
'We have had discussions with HSBC (about a listing) but what happens is up to them,'Liu, the exchange's executive vice president, was quoted as saying.
'I don't know if we will see it this year or next year. In the long run, yes, no question it will happen. We want overseas groups to list here.'
Lawyers familiar with the situation said the China Securities Regulatory Commission was debating whether to allow non mainland-based firms to list on the mainland, the newspaper said.
HSBC declined to comment on the issue, but said last year that it and its Hong Kong-based subsidiary, Hang Seng Bank, were interested in a mainland listing.
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