More than 1,400 companies listed on the Hong Kong exchange will now be able to raise renminbi through share placements and rights issues following the announcement of new guidelines for the process yesterday, the South China Morning Post reported. Under the new regulations, RMB-denominated shares will have separate stock codes, and companies can choose whether the two share classes will be transferrable. The rule change is another move towards internationalization of China’s currency, and offerings are expected to take off after facilities are introduced next month. Guidelines for renminbi offerings are roughly the same as those for offerings made in Hong Kong dollars, with the additional requirement that the offer need to be of “meaningful size” to support liquidity. How listed companies will be able to bring funds raised in Hong Kong back to the mainland remains an open question. Chinese Vice-Premier Li Keqiang announced last month that foreign companies will be able to invest directly in mainland projects, but a timetable and approval procedure has not yet been released.