SHANGHAI, April 22 China's securities regulator
plans to allow about 10 foreign companies to list on the
mainland when it launches an international board in Shanghai, a
Chinese newspaper reported on Friday, citing a government paper.
The regulator aims to use the first batch of listings on the
board as a pilot scheme before it allows more companies to list,
the 21st Century Business Herald reported.
The newspaper said it obtained the government proposal on
the international board from a market source. It said the
Shanghai Stock Exchange declined comment when contacted.
Rules for the international board were largely ready
although no timetable for its launch had been set, the Shanghai
Stock Exchange said in March. [ID:nTOE72806F]
Multinational corporations such as HSBC , Unilever
and Standard Chartered Plc have said they want
to list on the Shanghai Stock Exchange when rules allow.
Many foreign-incorporated Chinese companies which are known
in China as red-chips also want to return to the mainland stock
market via the international board.
The red-chips are mainly companies listed in Hong Kong and
the United States, such as China Mobile and Shanda
(Reporting by Soo Ai Peng; Editing by Jacqueline Wong)