Europe's biggest lender HSBC is talking with Chinese securities regulators about share sales in Shanghai, a report from Bloomberg said Saturday.

 

"There have been discussions held with the relevant authorities on the potential listing on the Shanghai Stock Exchange," the report quoted Vincent Cheng, HSBC's Asia-Pacific chairman, as saying in Hong Kong yesterday.

 

However, "There isn't a timetable" for a stock sale, according to Cheng.

 

China has agreed to let qualified foreign companies float their shares on the Chinese mainland, according to a joint statement issued after the Third China-US Strategic Economic Dialogue which concluded in Beijing on December 13.

 

China will also allow qualified overseas-listed companies to issue yuan-denominated corporate bonds and qualified incorporated foreign banks to issue yuan-denominated financial bonds following relevant prudential regulations, according to the statement.

 

HSBC has said it and Hong Kong unit Hang Seng Bank are both considering stock-market listings in Shanghai when rules allow, according to the report.

 

(Chinadaily.com.cn December 16, 2007)