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September yuan pool launch

时间:2011-04-27 14:52:58  

A yuan liquidity pool to help foster trading of yuan-denominated stocks will be launched by the local bourse as early as September.

 
-  THE STANDARD  -

After its annual general meeting yesterday, Hong Kong Exchanges and Clearing (0388) chief executive Charles Li Xiaojia said preparatory work for the pool will be done by then.

The pool will enable investors to exchange Hong Kong dollars for yuan to buy yuan shares and then get their money back in the local currency when they sell.

Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung expects more yuan-denominated initial public offerings this year after Hui Xian REIT is listed. But the HKEx has yet to get another application for a yuan IPO.

 
HKEx chairman Ronald Arculli also said the exchange will study the possibility of allowing firms to issue a "dual- tranche" IPO, whereby issuers could raise both Hong Kong dollars and yuan.

Meanwhile, a minority Styland Holdings (0211) shareholder, surnamed Wu, has sued HKEx senior vice president Christine Kan of the listing division for losses incurred after Styland was suspended from trading in April 2004.

Wu, who is also a HKEx shareholder, raised his case at the meeting. Arculli said HKEx staff are covered by insurance.

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