Shanghai wants to establish a financial holding company with international operations and investment from overseas, the South China Morning Post reported. The city’s stock market is one of the world’s worst performers, meaning firms are seeking listings in Hong Kong, and all bar one of the national banks have their headquarters in Beijing. To prepare for the day the yuan becomes convertible, Shanghai is planning to set up an entity following China International Trust & Investment Corp. In the frame to be the company’s parent is the city’s largest financial firm – Shanghai International Group. The group has stakes in more than 10 financial institutions, including a 33.9% stake in Shanghai Pudong Development Bank.