China prepares foreign listings
(Reuters)Updated: 2006-12-15 17:39
Most of China's some 1,400 listed companies are controlled by the state. Private companies remain largely shut out of mainland bourses in Shanghai and Shenzhen.
Many small and medium-sized, non-state Chinese companies have found their way into the stock markets in London, the United States and Singapore.
Beijing is encouraging major domestic state-run companies to return to mainland bourses to sell shares. Many of the companies have already listed in Hong Kong -- so far the dominant overseas fund-raising venue for mainland Chinese firms.
The Shanghai Securities News said in a report on Thursday that about 10 large Chinese companies were expected to sell shares in China in 2007, raising between 100 billion yuan ($13 billion) and 150 billion yuan.
Between May this year -- when China lifted a one-year ban on new listings -- and October, 36 companies raised roughly 100 billion yuan from the A-share market -- most of which was by companies with shares listed in Hong Kong.
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