The world's largest producer of shipping containers will attend a public hearing in Hong Kong on Thursday on moving its listing to the H-share market from the mainland’s troubled foreign currency-denominated stock pool, the company said.
China International Marine Containers (Group) Co is waiting for final approval from the China Securities Regulatory Commission. Observers say it will happen.
The container group is making the first attempt to transfer the so-called B shares on to the Hong Kong Exchange. So far there is no other companies propose making the transition.
The time schedule for the H-share listing has not yet been settled, said Yu Yuqun, the company's board secretary.
At Monday's close, the B-share price of the company increased by 0.21 percent to HK$ 9.65 (7.76 yuan).
Relatively inactive trading in the Shenzhen B-share market in recent years has pushed investors to move to fast increasing yuan-denominated A shares. In addition, foreign investors have more channels, including the Qualified Foreign Institutional Investor scheme, to inject money into the mainland as China's capital market slowly opens up.
Analysts are suggesting B shares can be gradually merged into H shares or A shares, after which the foreign currency-denominated stock market may close.
However, it will take a long time for the top regulators to redesign the blueprint of China's capital market, said analysts.
chenjia1@chinadaily.com.cn
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