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Christine Chan

A number of mainland companies are reviving their B-share listing plans amid stronger market sentiment on the back of greater stability on Hong Kong stocks.

 A rebound in Hong Kong stocks saw the Shanghai B-Share Index gain 37.5 per cent in six weeks and the Shenzhen B-Share Index 21 per cent.

 Jinzhou Harbour (Group) Co and Dalian Refrigeration Co could list as early as next month, company officials said. Their plans to list were delayed early this year after the market's slide.

 Others to follow their lead would include Jilin Hongyuan Oil Development Co, seeking to raise US$250 million; a Qingdao Haier subsidiary ($150 million); Henan Pingding Shan Ti An Coal Mining ($100 million).

 Jinzhou Harbour vice-president Ge Weiguang yesterday denied speculation the China Securities Regulatory Commission (CSRC) had proposed the listing without an international co-ordinator after Peregrine's collapse should the mainland lead manager GF Securities cope with the issue.

 Mainland investment bankers said there were cases GF Securities was forced to be the sole underwriter for a B share offer.

 Last May, WI Carr Indosuez Capital Asia had to relinquish its mandate as the international co-ordinator for Hubei Sanonda's listing, due to delays in registration with mainland authorities.

 Yet Jinzhou Harbour - the sole operator at Liaoning's western Jinzhou Port - seems to favour the conventional way. It expects to raise up to $36 million from its Shanghai float.

 Mr Ge said the company was keen to seek a replacement for Peregrine after its collapse and a decision on a new global co-ordinator would be made soon.

 It is understood that Credit Lyonnais Securities Asia, ABN Amro Rothschild, Jardine Fleming and Sun Hung Kai Securities have approached the company for the mandate.

 Dalian Refrigeration senior economist Ge Yan said listing documents would be re-submitted to the CSRC next week for approval and expected to list as early next month.

 The mainland's largest industrial refrigeration equipment maker aims to raise up to HK$299 million from the listing in Shenzhen.



Rebound prompts revival of listings