Allianz keen to list on Shanghai's foreign board
German insurer among number of overseas firms keen to boost presence on the mainland
Global insurer Allianz is among the large number of foreign companies that are lining up to list on Shanghai's proposed international board.
Other companies that have indicated an interest in obtaining a listing on the new board include HSBC, Bank of East Asia, Coca-Cola and the New York Stock Exchange.
After several years in the planning stage, Shanghai is likely to launch the new board next year, a move that will put it in direct competition with the Hong Kong stock exchange, which is also targeting listings by international firms.
"A listing in Shanghai will show our commitment to mainland China," said Michael Diekmann, the chairman of Allianz.
Diekmann also said Allianz, which is listed in Frankfurt, would not pursue a listing in Hong Kong to avoid being listed on too many markets.
Louis Tse Ming-kwong, a director of VC Brokerage, said it came as no surprise that Allianz chose to list in Shanghai instead of Hong Kong, as the insurer had a bigger profile on the mainland, where it operates a joint-venture asset management firm and a joint-venture life insurance firm, and a wholly owned general insurer.
In Hong Kong, Allianz is established as a leading asset management company and a general insurance provider for infrastructure projects such as the airport and railways.