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Q: It is said that China is encouraging some large SOEs to go public abroad in order to accelerate the establishment of a modern corporate system. Why are these companies being encouraged to get listed abroad, considering there is great domestic demand for their shares?

A: As the Chinese economy keeps growing, especially since its entry into the World Trade Organization in 2001, China's capital market has started to become connected with the international market. More and more large SOEs are turning their eyes toward the foreign capital market and gearing up for an overseas listing.
 
The most significant reason for Chinese SOEs to get listed abroad is that overseas listing will provide new impetus to further reform their companies. Admittedly, overseas markets are more mature and have higher requirements on listed companies. The process of becoming listed is a process of self-motivated reform. Being publicly traded overseas puts an SOE under the scrutiny of more sophisticated investors and a more mature capital market.

Additionally, the Chinese stock market too often has bee plagued by non-economic factors, while overseas stock markets enjoy the advantages of greater flexibility and low cost in refinancing.

This is another important reason why many SOEs want to get listed abroad. China's SOEs started to enter the overseas capital market in the early 1990s, first in Hong Kong and then the United States. In the last few years, several hundred Chinese companies have been listed in Hong Kong, the United States, Canada and Australia.

On top of raising capital, these companies have also learned internationally advanced management models, perfected their internal system as well as enhanced the company's international fame, influence and competitiveness.
 
Foreign individual and institutional investors now have all eyes on the initial public offerings (IPOs) of Chinese companies, expecting to find good investment opportunities. In 2003, 48 Chinese SOEs launched IPOs overseas, raising a total of US$7 billion. In 2004, the figures rose to 84 and US$11.15 billion respectively. While the performance of the many overseas-listed Chinese SOEs is generally satisfactory, several companies suffered huge losses in 2004 due to dysfunctional internal supervision schemes. This should ring an alarm for potential IPOs of SOEs
 
In accordance with requirements of the national economy, China will insist on the open policy, on bringing the domestic and international market more closely together, and on more actively and extensively participating in the process of economic globalization. In the meantime, China will further facilitate overseas IPOs of companies by creating a freer environment in terms of policy and capital.

On December 9, 2004, Tianhong Textile Group Corp. in Sichuan Province was listed in Hong Kong Stock Exchange.