Beijing delays plans for red-chip listings
14 April 2008
China's State Council has delayed plans to allow red-chip listings on the Shanghai Stock Exchange, fearing that weak market sentiment will depress valuations, the South China Morning Post reported. Approval for offerings by red-chip firms - mainland companies incorporated and listed overseas, usually in Hong Kong, with controlling Chinese shareholders - had been slated for June. However, a Shanghai exchange official said it was unlikely that any red chips, including China Mobile, CNOOC, Lenovo or China Netcom would be allowed to list A-shares this year. The Shanghai Composite Index closed at 3,492.89 points on Friday, down 42.7% from its highest level in mid-October of last year.
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