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FRESH FUNDS

Companies raised 165 billion yuan via initial public offers on the Shanghai and Shenzhen exchanges between last May and the end of 2006, according to Reuters data. Red chips would help to sustain that pace.

With tens of billions of yuan in new funds pouring into China's stock market every month, analysts think it will have little trouble absorbing the fresh equity.

"More strong companies listed in China is good for the stock market," said Xu Yinhui at Guotai Junan Securities in Shanghai.

But some foresee risks if tightening monetary policy or a crackdown on illicit speculation worsens the market environment in the second half of this year.

The Shanghai shares of many dual-listed Chinese companies now command huge premiums of 30 percent or more over their Hong Kong shares. Those premiums could narrow quickly, undermining sentiment in the entire market, if the bull run fades.

China's equities boom pushed the size of its market above Hong Kong this month.

On Monday, the total capitalisation of Shanghai and Shenzhen was $1.97 trillion against Hong Kong's $1.83 trillion. Just a year ago, Hong Kong dwarfed the two Chinese bourses by $1.28 trillion to $468 billion.

Red-chip listings may push mainland further ahead, which could be both a blessing and a curse for Hong Kong.

The availability of stocks in top firms such as China Mobile may prompt mainland investors to stay in their domestic markets, rather than put money into Hong Kong as Beijing eases curbs on overseas investment.

But Chinese listings may let red-chip companies raise funds more cheaply, helping them to boost earnings -- and lifting their stock prices in both Shanghai and Hong Kong.

Foreign listings in China's stock market may take much longer because of regulatory and legal issues. But a desire to be close to customers may prompt some firms to consider listings.

Executives at Bank of East Asia and HSBC Holdings , which incorporated in China this month in order to conduct yuan-based retail banking, have expressed interest in tapping the mainland stock market.

"Famous domestic names should go first, and companies owned by overseas investors are likely for the longer term," Phillip Securities' Chan said. (US$1 = 7.72 yuan)

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