CITIC Securities, the Chinese brokerage that recently reached a landmark investment deal with US investment bank Bear Stearns, is considering a stock market offering in Hong Kong. Wang Dongming, chairman of CITIC Securities, told the Financial Times that the listing would help turn the company into a genuine global player. Wang added that a final decision on the listing has yet to be made. The company must meet the Hong Kong Stock Exchange's requirement that listings cover at least 15% of issued share capital as well as the Chinese government's requirement that 10% of the proceeds of all offshore listings be handed to the National Social Security Fund. Meeting the latter demand would cost CITIC Securities about US$675 million, based on its current Shanghai share price. Referring to the recent correction in the domestic stock market, Wang admitted that there was an artificial element to valuations in China, saying that everyone knew "these high multiples can't last forever."