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Tencent has always been longing for a listing on the renminbi-denominated A-share market, said Pony Ma, chief executive officer for the Internet company.
Tencent will wait until the local regulations get clearer rather than rush for a long-expected listing, according to Mr. Ma, noting that the company will have a chance after one or two state-owned companies take steps.
However, the Internet portal operator has not fixed a detailed timeframe for the listing yet.
Mr. Ma will lower ownership in the Hong Kong-listed company gradually in the long term, said the CEO, adding that he has no plan for now to lessen the holdings.
A group of top executives at Tencent lightened their stake in the company previously. Mr. Ma, for instance, has trimmed his holdings to 11.66% from 12.54% at the end of 2008, according to data by the Stock Exchange of Hong Kong (SEHK).
Lenovo, on the other hand, also expects to debut on the mainland stock market. The personal computer (PC) maker is well prepared for a listing at home, but the plan still needs approval from the SEHK, said Liu Chuanzhi, chairman for the Hong Kong-listed company, in an interview recently.
Lenovo is expected to win increasing favor of investors on the mainland after an A-share listing, added Mr. Liu. Like Tencent, Lenovo has not worked out a listing timetable yet.
The key to the long-brewed listing will rely on Lenovo's performance this fiscal year, according to Mr. Liu, who is convinced that the company will be able to resume profitability in the year.
As the world's fourth biggest PC maker, Lenovo incurred a USD 226 million loss in the year ended March 31, 2009, in part caused by a lingering financial crisis.
A-share listings of red chip stocks like Tencent and Lenovo will help stimulate the revival of domestic stock market, pointed out an analyst at Sinolink Securities Co., Ltd. (SHSE: 600109).
Some market observers say state-owned China Mobile is likely to edge into the first batch of foreign-listed companies to get listed in mainland. China Mobile earlier said it would strive to debut on the stock market at home as soon as possible.
(USD 1 = CNY 6.83)
Source: www.cnstock.com (June 17, 2009)
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