China will set high requirements for companies seeking to list on Shanghai’s planned international stock exchange, risking accusations of hypocrisy after refusing to crack down on fraudulent Chinese firms listed abroad, the South China Morning Post reported. According to insiders, the China Securities Regulatory Commission and the Shanghai exchange may require international companies to report a combined net profit of US$462 million in the past three years, and net earnings of at least US$155 million in the past fiscal year, before filing an application. The rules will likely permit only big, multinational corporations to qualify for the new board. Beijing unveiled plans in 2009 to set up an international board that would allow foreign companies to float renminbi-denominated shares in a market that is currently off-limits to overseas firms. Meanwhile, dozens of Chinese companies that are listed abroad are now embroiled in accounting scandals; but the CSRC continues to block the US Securities and Exchange Commission’s investigations into mainland bank accounts and other documents, arguing it would violate China’s sovereignty.