4 red-chip company is expected to return to clear away obstacles to starting.

<P>: Http:// News, China Securities Regulatory Commission before the return of red chips to some brokerage firms to pilot approaches for comment, according to the parties yesterday revealed that red-chip return to the legal, policy and technology barriers has been basically eliminated, the future scope of the pilot .will first determine the red-chip companies listed in Hong Kong. .</ P> <P> return is no longer substantial obstacles </ P> <P> report, "foreign-owned holding listed companies in initial public offerings in the territory of the pilot approach (draft)" provides that red-chip companies to apply .IPO in the territory, should meet four conditions: The stock has traded in the Hong Kong Stock Exchange more than one year; stock market value of not less than 200 billion Hong Kong dollars; the last three fiscal years the cumulative net profit of not less than 20 billion Hong Kong dollars .; 50% of the operating assets in the territory, or 50% of the profits from domestic operations. .</ P> <P> It is understood that this draft regulatory authorities have conducted numerous internal discussions. .A source close to the management said that in the information disclosure, although the red-chip companies and the legal status of the different H's, but according to previous co-ordination with the principles of the Hong Kong side, the disclosure of information on what problems should not exist, the red-chip companies ., H-share companies have disclosed the issue of double, can learn. .In addition, experimental approaches based on the draft and return to red-chip companies listed on the territory of its incorporation, capital setting, the registered capital of pay and organizational settings, still executing the Company registered in the relevant legal provisions, and not required under the territory of "Company Law" .be adjusted. .</ P> <P> The sources also pointed out that the return of red chips do not exist already substantial, an insurmountable obstacle. .In fact, the return of red chips from the pilot approach can also be seen in the draft, first determine the scope of the pilot in the Hong Kong-listed red-chip companies the most reasonable. .This is because Hong Kong and the Mainland for many years cooperation in securities regulation has accumulated a rich experience. .A + H Company had successfully issued for the two companies listed on the handling of accounting issues in the issue of accumulated experience. .</ P> <P> According to related aspects of interpretation, since it is the pilot, set a higher threshold is more robust in order to promote early, but these conditions may be adjusted with changes in the actual situation. .In addition, the return of red chips listed companies involved in cross-border regulatory issues, national regulators will take into account the red chips are listed outside the particularity of the conditions listed issuer to make some adjustments accordingly, under these conditions in the existing law and there is no substantial obstacles. .</ P> <P> 4 companies is expected to debut </ P> <P> in accordance with the provisions of the draft, the Hong Kong market conditions on the return of red chips to meet even though the market value of the total market value of the Bacheng red chips accounted for more than, but not the number of companies .more. .Red chips listed in Hong Kong currently has a total of 91, in which the market value of more than 200 billion dollar company has 25. .Southwest Securities researcher Zhou Xingzheng that most likely the first batch of red chips to issue A shares, including China Mobile (0941.HK), CNOOC (0883.HK), Bank of China (2388.HK) and China Netcom (0906.HK) and other four .company. .</ P> <P>.