Shanghai Stock Exchange ready for international board
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The Shanghai Stock Exchange is all ready to start the international board and is waiting for the go-ahead from state regulators, a senior executive said Thursday.
The board is part of innovations that Shanghai is working on toward its goal to be a global financial hub by 2020 as outlined by the State Council.
The executive, who declined to be named, said the exchange has completed its preparations for the board, including regulations and investor education. He added that a small number of foreign companies have indicated an interest to list in Shanghai.
Overseas companies, including HSBC and the New York Stock Exchange, have said they are interested to list in Shanghai.
Red chips are expected to be the main force of the international board initially after it is started, the executive said during a work meeting yesterday, which aimed to push forward Shanghai's hub ambitions.
Red chips are companies registered overseas, traded in Hong Kong but with the majority of the business based on China's mainland. They are one channel for foreign investors to participate in the rapid growth of the Chinese economy.
There are 407 red chips now, 38 of which meet the China Securities Regulatory Commission's standard to list on the international board of the Shanghai bourse, the executive said.
