HSBC has hired China International Capital Corp (CICC) and Citic Securities Co to help arrange its initial public offering (IPO) in Shanghai, an HSBC source said on August 4.

The timing of the planned Shanghai IPO will depend on China's regulators, HSBC Asia Pacific Chairman Vincent Cheng told a radio station in Hong Kong. "We have been keeping close contact with the Chinese mainland."

According to Xinhua, HSBC hopes to raise between US$3 billion and US$5 billion in next year's IPO.

Sources suggest HSBC will launch the IPO in the second half of 2010.

"HSBC's Shanghai IPO will strengthen Shanghai's status as a financial center. It is good for China and mainland enterprises," said Vincent Cheng.

For more information, please consult the Chinese coverage here:

http://www.dfdaily.com/node2/node27/node260/userobject1ai182639.shtml

(China.org.cn by Li Xiaohua August 5, 2009)