Stocks News
- Shanghai eyes red-chip listings
Date: 15-Nov-2007 Sources: (Shenzhen Daily)
THE Shanghai Stock Exchange expects to list its first red-chip shares, or shares of mainland companies incorporated outside the mainland and currently listed in Hong Kong, within the next six months, the South China Morning Post reported Tuesday.
'The first red chips are likely to return to the (domestic) A-share market in six months,'the newspaper quoted an unidentified Shanghai exchange official as saying.
The newspaper reported that the China Securities Regulatory Commission, the mainland securities regulator, had already drafted a set of guidelines.
Red chips China Mobile and CNOOC were among those likely to float A shares in Shanghai within the next six months, the paper said. Other red chips include Lenovo and China Netcom.
Analysts expect the repatriation of red chips to the mainland stock market would have a short-term negative effect on the Hong Kong market, while aiding the launch of China's stock index futures, the paper said.
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