China's chief official for state assets said in Beijing yesterday that
state-owned enterprises are encouraged to be listed in the Hong Kong Stock
Exchange.
Li Rongrong, minister in charge of the State-owned Assets Supervision and
Administration Commission (SASAC), said on the sidelines of the ongoing 17th
National Congress of the Communist Party of China (CPC).
Many state-owned enterprises, particularly those under direct control of the
State Council, are quite interested in financing in the Hong Kong Stock
Exchange, he said.
The SASAC shows no position to what stock markets the state-owned enterprises
should resort to financing, Li said. His job is to try hard to breed potentially
powerful state enterprises to become globally competitive companies.
Li said the SASAC welcomes overseas private equity funds to invest in Chinese
state-owned enterprises, but warned Chinese enterprises of vicious speculation
of those funds.
Echoing the policy mentioned in the report delivered by Hu Jintao to the
Party congress on enhancing the vitality, control and influence of the
state-owned economic sector, Li said his commission will speed up restructuring
state-owned enterprises in a bid to promote their competitiveness.