HONG KONG, July 20 HSBC (0005.HK) (HSBA.L) has
picked 4-5 investment banks in its first round of selecting
sponsorships and underwriters in its plan to launch shares in
China, Apple Daily said on Monday citing unidentified sources.
HSBC had invited mainland and sino-foreign joint venture
investment banks in China to submit proposals for its A-share
listing more than a month ago, and it was now entering into a
second phase in the selection process, the newspaper said.
An HSBC spokesman said the bank had no comment on the report.
The market expects the lender to raise at least US$3 billion
in its A-share offering and be among the first batch of foreign
firms to list on the mainland.
Sources said HSBC will probably list in the first half of
next year at the earliest.
CICC, CITIC Securities, UBS and Goldman Sachs joint venture
Goldman Sachs Gao Hua Securities are expected to be among the
institutions selected but a detailed list has yet to be
A senior Ministry of Commerce official said earlier this
month that China would encourage foreign-funded firms to make
share offerings in the mainland. [ID:nPEK92898]
HSBC, Europe's largest bank with a Shanghai branch office
that opened some 150 years ago, could be in the running to be the
first to list.
Shares of HSBC gained 1.68 percent early on Monday while the
benchmark Hang Seng Index .HSI rose 1.96 percent.
(Reporting by Donny Kwok; editing by Jacqueline Wong)