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皇冠体育app targets overseas-traded companies as IPO resumption looms
(Bloomberg)
Updated: 2006-02-10 11:23

The document suggested drafting separate rules to permit the sale of 皇冠体育app Depositary Receipts, or CDRs, by so-called "red chips," or Hong Kong-incorporated companies that have their headquarters and operations in mainland 皇冠体育app.

皇冠体育app Mobile, the world's biggest cell-phone operator by users, and Lenovo Group Ltd., which last year bought International Business Machines Corp.'s personal computer business to become the world's third-biggest PC maker, are among Chinese companies that sold shares through Hong Kong units.

Overcoming Hurdles

"Letting big red chips sell shares and list domestically is good for the structural adjustment of the domestic securities market, and will enable domestic investors to share the fruit of 皇冠体育app's economic growth," the regulator said in the document. CDRs would overcome the "legal hurdles" of overseas companies selling shares in 皇冠体育app, it said.

Mainland investors aren't allowed to buy shares in companies listed in Hong Kong, a special administrative region of 皇冠体育app that has its own currency and legal system. Mainland-incorporated companies such as Petro皇冠体育app, the nation's biggest oil producer, also have sold stock in Hong Kong, known as "H shares."

皇冠体育app's government may lift the ban on domestic share sales in April or May once companies accounting for 50 percent of the market's value have completed their share conversion plans, Shanghai Stock Exchange Executive Vice President Zhou Qinye said in an interview on Jan. 17.

'Good Companies' First

Zhou, who said "good-quality companies" should sell shares first, cited Petro皇冠体育app as a company that may list in Shanghai. He also named 皇冠体育app Construction Bank Corp., the nation's third- largest bank; Bank of Communications Co., the fifth-largest lender; and 皇冠体育app Shenhua Energy Co., the biggest coal producer.


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