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中国银行获准香港首发上市BankofChinagetskeyapprovalforHKIPOBankofChina,China'stopforeignexchangelender,hassecuredkeyapprovalfromtheStateCounciltolaunchaHK$60billion(US$7.7billion)HongKonginitialpublicofferinginthefirsthalfof2006,aHongKongnewspaperreportedonMonday.ThelistingplanawaitedafinalapprovalfromtheChinaSecuritiesRegulatoryCommission,theSouthChinaMorningPostreported,citingsourcesclosetothesituation.ThebankmayfileapreliminarylistingapplicationwiththeHongKongStockExchangeassoonasthisweek,thepaperadded.Theoffering,whichBankofChinapreviouslyplannedtocompletebeforeApril,wasnowmostlikelytobelaunchedinMay,thepaperquotedthesourcesassaying.Theofferingwouldvaluethebankat400billionyuan(US$49.6billion),thepapersaid.上市公司可能被许出售股份ListedfirmsmaybeallowedtosellsharesThecountry'sregulatorswillconsiderallowinglistedfirmstosellsharesasafirststeptowardliftingitssuspensiononnewIPOsindomesticmarkets,butnotimetablehasbeenset,domesticmediareportedMonday.Chinaisproceedingwithaseriesofmarketreformsaimedatrevivingitssharesmarkets,whichremainmiredinafour-yearslump.Inmid-2005,ChinasuspendednewIPOsindomesticmarketsinanefforttopropupsaggingstockprices,weigheddownbyinvestorconcernsovertheshare-reformplantosellmorethanUS$250billioninState-heldshares.WewilllookatallowinglistedcompaniestosellsharesbeforeapprovinganynewIPOs,theFinancialNewsquotedShangFulin,thetopsecuritiesregulator,assayingataconference.Reformsinstate-heldsharesneedtobebuiltuponsolidcapitalmarkets,saidShang,addingthatthelastmileofreformswouldbethemostdifficult.Lastmonth,Chinascrappedcapitalgainstaxesforforeignstockinvestors.Thegovernmentisintensifyingeffortstolureforeigncashintoitsmainstockmarket,viaaQualifiedForeignInstitutionalInvestor(QFII)schemethatletsoverseasfirmsinvestinprimarystockanddebtmarkets.TheindexwasAsia'sworstperformingmajormarketbenchmarkstockindexinboth2005and2004.Whiletryingtoreforminefficientcapitalmarketstogivedomesticfirmsanotherfund-raisingoptionbesidesbanks,Chinaisalsotryingtoenhancecorporatetransparencyandboostprofitability.Shang'scommentscomeafteraleadingeconomicofficialsaidSaturdaythateffortstoreviveitssicklystockmarketsarelikelytoworkonlyifpoorqualitylistedcompaniesareeliminatedfromtrading.RaisingthequalityofChina'slistedcompaniesistheonlypermanentcurethatcanensurepublicinvestors'fundamentalinterests,saidChengSiwei,avicechairmanoftheStandingCommitteeoftheNationalPeople'sCongress.政府加快开放期货业Althoughthefuturesindustryistheonlyfinancialsectorthathasnosettimetableforopening-upunderChina'sWTOcommitment,therearesignsthatthegovernmentisalreadymovingfastonthisfront.Thequickpace,whichbecameapparentlatelastyear,isexpectedtostimulatethecountry'sstill-strugglingfuturesindustry,analystsandwatcherssay.UnderSupplementIIofCEPA(MainlandandHongKongCloserEconomicPartnershipAgreement),apactsignedin2004toboosttheeconomicco-operationbetweenHongKongandtheChinesemainland,qualifieddomesticfuturesbrokeragewillbeallowedtosetuptheirsubsidiariesinHongKongbeginningfromthisyear.Domesticfuturesindustry'senthusiasmforbranchingoutinHongKongisobviouslystrong,saidChenXiaodi,aresearcherwithChinaInternationalFuturesCoLtd,China'sfutureshousebellwether.Itcouldbroadentheirinvestmentchannelsastheycouldengageinbusinessthatiscurrentlyunavailableindomesticmarketsuchastradingoffinancialderivatives,Chensaid.TheforayintoHongKong,analystssay,wouldalsoprovideaninvestmentconduitfordomesticinvestorsandaplatformfordomesticenterprisesthathavebusinessneeds,suchasresource-extensivesectors.Currently,only31domesticenterprisesareauthorizedtotradefuturesoverseasforarbitrage,butmanymorearesaidtobeinterestedingettingalicence.AnalystssaythispotentialcustomerpoolmaybecometheprimarytargetfordomesticfuturesfirmsaftertheysetuptheirsubsidiariesinHongKong.Whiledomesticfuturesplayersareenteringoverseasturfs,foreigninvestorsaremovingin.ChinapublishednewruleslastAugustthatallowforeignbrokersregisteredinHongKongorMacaotoformventureswithChinesepartners.Companieswithatleast50millionyuan(US$6.2million)ofregisteredcapitalandthathavebeeninthefuturesbrokingbusinessforatleastfiveyearsandhavemadeprofitsinthelatesttwoyearscanapplytosetupjoint-venturefutureshouseinChina,accordingtothenewrule.ABNAmroBankNV,oneoftheworld'slargestbanks,gottheapprovalfromCSRCinlateNovembertoteamupwithalocalfutureshouse,ChinaGalaxyFuturesCoLtd,becomingthefirstforeigninstitutiontodosounderthenewrule.Ourcompanyhasalsobeenapproachedbyforeignpeersforco-operation,saidamanagerofaGuangzhou-basedfuturesbrokerage,decliningtorevealthenameoftheforeigncompany.Therearemanyforeignplayersdatingwithdomesticfuturesfirmsnow,butasfarasIknow,theyareallinthepreliminarystage,saidthemanager.Accordingtotheexistingrule,themaximumratioofstockstheseoverseasinvestorscanholdinthejointventuresis49percent,aceilingthatsomesaymaydampenforeigninvestor'senthusiasminformingthejointventure.Foreigninvestorshavemorelucrativeinvestmentsectorstoputtheirmoneyinto,butthefuturesmarketisclearlynotasoundoptionforthemnowasitisnotprofitableindustryforthetimebeing,Chen,theresearcher,said.Whattheyreallywant(by