Foreign firms and Chinese companies listed in Hong Kong will be encouraged to list in mainland China as part of a drive to expand the domestic stock market, the Financial Times reported. Numerous calls have been made for Beijing to relax rules that prevent foreign firms and "red chips" – Chinese companies incorporated and listed overseas – from offering shares in the mainland. On Thursday, Shang Fulin, chairman of the China Securities and Regulatory Commission (CSRC) threw his weight behind the project, although he gave no indication as to when the first red chip would list A-shares. Beijing has long seen increasing the supply of A-shares as a means of draining excess liquidity from the market. Analysts say red chip China Mobile and foreign companies such as HSBC, Siemens and Coca-Cola would consider such a move. PricewaterhouseCoopers expects A-share offerings to raise more than US$65 billion in 2008, with red chips entering in the second half of the year.