WING Shan International, a property and power plant company widely reported to have links with Foshan in Guangdong, has cleared the Hongkong stock exchange's final hurdle for a listing. Wing Shan and Guangzhou-based Peugeot car maker Denway Investment were asked by China's newly formed securities watchdog earlier this year to clarify their shareholding background before being granted the right to list abroad. Sources said the Hongkong exchange's listing committee had given the green light for Wing Shan's listing after initially shelving it, taking the mainland securities watchdog's concerns into consideration. The mainland body's concern is understandable given the rising number of mainland enterprises looking for a foreign listing. Wing Shan's financial adviser Peregrine had argued that the Hongkong exchange should not discriminate between the company and other mainland-backed Hongkong-registered companies such as Denway and China Travel which had raised capital in the territory. However, the issue was finally settled when the mainland authorities granted their approval for a Wing Shan listing. The place of registration and assets, management origin - including the directors and profits - and shareholding structure are the major criteria the stock exchange takes into consideration when defining whether a company should be treated as a mainlandenterprise. Prior approval from the mainland authorities is considered a prerequisite by the local exchange in vetting a classified mainland enterprise's listing application. Wing Shan is expected to announce its flotation plans to local fund managers and brokers today and offer its shares within the next few days. It is not known how much capital the company is aiming to raise, but sources said Wing Shan Centre (formerly Sincere Building) in Central and a power plant in Foshan would be the major assets to be listed. Wing Shan bought the Central property in April last year for about $1.1 billion, while the mainland power plant was recently acquired as part of the strategy for a Hongkong listing. With an estimated net asset value of 150 million yuan (about HK$195 million), the plant is understood to be in operation already. Part of the net proceeds from the listing will be used to beef up the plant's generating capacity. Wing Shan is also understood to have property development projects in Foshan and in other parts of the Pearl River delta. Unlike other China plays which have mainland conglomerates among their shareholders, local brokers believe Wing Shan will not be able to command the same rating. ''Despite being rumoured to be an offshoot of the Foshan city government, it is basically a property play with interests in Hongkong and China. But there are plenty of such stocks on the local scene,'' one broker said. He added that Wing Shan's imminent listing would also be overshadowed by the market's recent gloom and the diminishing appeal of property counters.