Shanghai Mayor Han Zheng said Monday the timing isn’t right to roll out the long-awaited international board that will allow foreign issuers to sell shares in the city, nearly two months after the stock exchange called the launch “basically ready,” Bloomberg reported. Instead, Shanghai will launch an over-the-counter exchange soon, said Han. “We have a series of preparation work to do for the international board, including regulations,” he said. The Shanghai Composite Index has fallen 11% since the stock exchange’s announcement that the international board would be released soon, paving the way for overseas-domiciled companies such as HSBC Holdings (HBC.NYSE, HSBA.LON, 0005.HKG) and Coca-Cola (KO.NYSE) to list their shares in the city. The move is an essentail step in Shanghai’s goal of becoming a global financial center by 2020.
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