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Shanghai Exchange accelerates Int'l board
By Ren Jie (chinadaily.com.cn)
Updated: 2010-02-05 11:40
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The Shanghai Stock Exchange (SSE) has accelerated the preparation work of launching the international board and the development of global exchange-traded funds (ETFs), the Securities Times reported Friday.
Red chip companies, which are based in the Chinese mainland but incorporated internationally and listed on the Hong Kong Stock Exchange, would play a main role in the bourse's international board, which allows overseas-listed companies to sell shares denominated in the Chinese currency, the paper said citing a source close to this issue.
The source also said the bourse suggested reducing the standard of listing and allowing more red chip companies to float shares in Shanghai. About 120 red chip companies may be able to list on the international board once the advice was accepted.
Meanwhile, the SSE is also trying to promote the development of global ETFs, which allows Chinese investors to buy a basket of securities that track six overseas indexes, including the Dow Jones industrial average.
The source said China Securities Regulatory Commission（CSRC）has approved the bourse to launch ETFs tracking the United States and Japanese markets.
The Shanghai exchange also expected at least one H-share ETF to be listed after the Spring Festival.
