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Shanghai Mayor Xu Kuangdi said in Shanghai Wednesday that Shanghai, the industrial powerhouse in east China, wishes to join hands with overseas companies in a bid to encourage state-owned enterprises (SOE) to be listed on overseas stock markets.
In a meeting with Sir Evelyn de Rothschild, president of N. M. Rothschild & Sons, Xu mentioned the listing of the Shanghai-based Baoshan Iron and Steel Company on the Chinese stock market last year. "China's iron and steel industry faces new opportunities for development, given the market potential for higher consumption and the accelerated infrastructure construction in Shanghai and many other Chinese cities and provinces," Xu said.
The Baoshan Iron and Steel Company will further tap the overseas market in the coming three to five years, and strive to become one of the world's top 500 enterprises with an annual sales of 110 billion yuan (US$13.3 billion), Xu said.
Rothschild said he appreciated the outstanding performance of the Baoshan Iron and Steel Company, noting that his company has established a cooperative partnership with the Bank of China, which he trusts will bring more opportunities for the company to become involved in the restructuring of China's SOEs. At present, his company is planning to expand its Shanghai office, as a first step in its business expansion in China.
Headquartered in London, N. M. Rothschild & Sons is an international investment bank that has helped some Chinese SOEs get international financing.
(China Daily 05/16/2001)
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