The China Securities Regulatory Commission (CSRC) has tentatively selected about eight more mainland enterprises to issue shares abroad, according to investment banking sources. The fifth batch of listing candidates would be divided into two tranches, the first comprising about eight companies, dominated by infrastructure plays, the sources said. The list could be announced as soon as next month, a source suggested, but others believed Beijing was in no rush in view of difficult market conditions. There was concern over a possible oversupply of infrastructure stocks but investment bankers said their defensive quality was attractive to investors in present market conditions. Sources said possible candidates for overseas issues included the infrastructure arms in Shandong and Hebei provinces, and Wenzhou city. Other possibilities were Ningbo port, Air China, Capital Airport, Heilongjiang Beidahuang Agribusiness Corp and an agribusiness operation in Guangdong. Also tipped were the infrastructure arm of Dalian city and the tourism industry in Zhejiang province. A Shandong provincial communications bureau official said it planned to raise at least two billion yuan (about HK$1.86 billion) from an overseas listing of its roads. He declined to confirm whether the province had secured CSRC ratification, saying only that it was selecting and restructuring assets for the float. The key asset would be the 318-kilometre Jinan-Qingdao Expressway, he said. Hong Kong was a preferred listing venue but others such as London and New York had been studied. A Guangdong government official earlier said the province aimed to raise about HK$1 billion by listing its agriculture and processing operations in Hong Kong. Beidahuang, controlled by the agriculture ministry, is said to be interested in raising about HK$2 billion, while Ningbo port seeks US$100 million to US$200 million. The Hebei infrastructure arm set a target of about US$300 million. It is understood that Wenzhou Infrastructure, with the Wenzhou Bridge as its key asset, will comprise the city's utility facilities for water, power and gas. Its business will not clash with that of H share Zhejiang Expressway, the province's toll-road arm, which is also interested in taking an interest in the bridge. Wenzhou, renowned for its burgeoning private sector, is one of the fastest growing cities in Zhejiang province.