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HK to launch yuan IPOs this year

02-16-2011 13:58 BJT

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Hong Kong will continue to boost its role as the offshore yuan settlement center by launching yuan-denominated IPOs, expected this year. Six banks - the Bank of China, HSBC, Hang Seng Bank, Bank of East Asia, CITIC and Bank of Communications - have all launched yuan cashier's order services, hoping to facilitate these IPOs.

Hong Kong's stock exchange and securities regulator are also doing their part to prepare for the launch. The move is expected to expand the use of the Mainland currency in the SAR and meet the growing demand for rmb-denominated equity products. Analysts say this development will help Hong Kong maintain its competitiveness in the IPO market.

Huang Xunhai, Analyst of Haitong Securities, HK said "The six lenders have launched yuan cashier's order services. It's the latest move for Hong Kong to launch yuan-denominated IPOs this year. Computershare can also handle yuan IPOs electronically. This arrangement will help divert some applicants from banks. I hope more plans are underway to make trading and clearing yuan IPOs more convenient."

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Editor:Xiong Qu |Source: CNTV.CN

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