Coca-Cola, General Electric and Wal-Mart are among US-based companies that may be looking to list on China’s stock exchanges, the South China Morning Post reported, citing a note obtained from UBS. In a letter to clients, John Tang, a UBS strategist, wrote that he expected roughly 12 western firms with a "strong presence" in China to offer shares in the yuan-denominated A-share market. "An A-share [initial public offering] allows foreign companies direct access to much-needed [yuan] funding," Tang wrote, adding that US companies would benefit from higher valuations on the mainland’s stock exchanges. Listings by major international firms such as Coca-Cola, General Electric and Wal-Mart could also help Chinese investors; such listings would not only expand investors’ options, but could also help to improve corporate governance and make China’s bourses more "internationally oriented," he wrote.