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Shanghai exchange prepares to welcome red-chip trading

(Shanghai Daily)
Updated: 2007-02-28 16:20

The Shanghai Stock Exchange plans to allow Hong Kong-incorporated mainland firms to sell shares on the local bourse "soon" as it attempts to boost the market's size and quality, its chairman said yesterday.

"We will further attract large enterprises to sell shares in Shanghai, with an aim to get Hong Kong red chips to list here soon," said Chairman Geng Liang.

Geng's comments came yesterday during Shanghai's annual financial work meeting, which brings together government leaders, regulators and business people to discuss the city's economic blueprint for the coming year.

Geng didn't specify how Chinese mainland firms incorporated in Hong Kong, or red chips, will accomplish a listing in Shanghai.

Hong Kong-traded red chips can't be purchased directly by mainland citizens since the companies are regarded as foreign firms.

Stock regulators have indicated that red-chip companies may be allowed to issue Chinese depositary receipts, or CDRs, to tap the growing pool of mainland investors.

CDRs are similar to American depositary receipts, which are certificates issued by a US bank representing a number of foreign stocks held and traded in the United States as domestic shares.

Large-cap red chips such as China Mobile Ltd and PetroChina Co are reportedly among the first companies likely to sell CDRs. China Mobile said last year it was awaiting approval on an application submitted about five years ago for a CDR issue.