HSBC mulls share sales in Shanghai
Updated: 2007-12-18 14:00
Europe's biggest lender HSBC is talking with Chinese securities regulators about share sales in Shanghai, a report from Bloomberg said Saturday.
"There have been discussions held with the relevant authorities on the potential listing on the Shanghai Stock Exchange," the report quoted Vincent Cheng, HSBC's Asia-Pacific chairman, as saying in Hong Kong yesterday.
However, "There isn't a timetable" for a stock sale, according to Cheng.
China has agreed to let qualified foreign companies float their shares on the Chinese mainland, according to a joint statement issued after the Third China-US Strategic Economic Dialogue concluded in Beijing on December 13.
China will also allow qualified overseas-listed companies to issue yuan-denominated corporate bonds; and qualified incorporated foreign banks to issue yuan-denominated financial bonds following relevant prudential regulations, according to the statement.
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