BANK of East Asia, one of the largest local banks, is pursuing a secondary listing in Shanghai which would make it the first listing there by a Hong Kong-based company and perhaps worldwide.
''We are eager to be the first Chinese-owned company and the first bank to have a listing in Shanghai. Our primary listing will still be in Hong Kong,'' said chief executive David Li Kwok-po at the bank's 75th anniversary reception.
Having heard that Germany's biggest industrial firm, Daimler-Benz, was planning a similar listing in the city, Mr Li said: ''If Bank of East Asia cannot be the first, at least we will both have the listing status at the same time.'' Bank of East Asia opened its first branch in Shanghai in 1920 and the branch has operated continuously since.
Mr Li said the bank had put a lot of effort into realising the listing plan, but no details could be released. ''I am not sure if I should talk to the stock exchange here first,'' Mr Li said.
The German company was reported to have received the go-ahead to have its shares directly traded in Shanghai. But no official confirmation from the Chinese side has been published.
Chinese officials admitted that some technical difficulties had to be overcome before allowing foreign companies to list in Shanghai, such as foreign exchange and legal monitors.