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Mainland companies encouraged to go public in HK

By Xu Shenglan (chinadaily.com.cn)
Updated: 2008-12-19 16:23

Related readings:  Mainland, HK, Macao SARs test emergency response to avian flu  Mainland helps boost HK prosperity  HK banks on mainland can seek PBOC aid  Mainland-based HK firms closing as times toughen

China will encourage qualified mainland companies to go public on the Hong Kong stock exchange, Yao Gang, vice chairman of the China Securities Regulatory Commission (CSRC), said in Hong Kong on Thursday.

The CSRC will continue to support mainland securities and futures dealers to set up branches in Hong Kong, and enhance cooperation between the two sides to boost the securities market and face the challenges amid the global financial crisis, Yao added.

In December 2006, he said China urged Hong Kong-listed mainland companies to return to the booming A-share market on the Chinese mainland because domestic investors would have better opportunities to share in the profits of quality companies if more overseas-listed companies went back to the mainland market.

By the end of October 2008, the number of companies listed on the Hong Kong Exchanges and Clearing Limited (HKEx) reached 1,259, including 453 enterprises from the Chinese mainland. Mainland companies account for 36 percent of the total number of HKEx-listed companies and 55 percent of the total market value, according to statistics from the China Securities Journal.