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The growing power of the mainland's companies and its stock market in the region will be further highlighted by the launch of the world's first index futures product that targets mainland-listed companies.

 

The Singapore Stock Exchange (SGX), an active pursuer of mainland companies, will trade FTSE Xinhua China A50 Index Futures, which track the 50 largest mainland-listed firms, starting from September 5.

 

The futures, "for the first time ever," will allow any investor to "participate in China's growth story," the SGX said in an article introducing the product.

 

The launch of the futures product comes "in response to market feedback and customers' demand," said Magdalyn Liew, assistant vice-president of the SGX's corporate communications division.

 

Bourses such as the Hong Kong stock exchange and the NASDAQ currently have index futures products based on overseas-listed mainland companies.

 

The SGX's will be the first targeting A-share companies. No such futures product currently exists on the mainland.

 

Analysts said the launch of such a product outside the mainland reflects the rise of the yuan-denominated A-share market, which has bottomed up from a five-year lull.

 

They generally believe that the A-share market will hog the limelight and become the next big thing in the region, given the mainland's massive economic bulk and its fast-paced growth.

 

"It's just a matter of time, although it could be a long time," said Tung Sing-hing, associate director of Hong Kong-based Tung Tai Securities.

 

Some even say Hong Kong, Asia's largest listed bourse, could take a back seat in the long run because of the strength of the A-share market, which is becoming increasingly visible of late with a number of Hong Kong-listed mainland giants such as Bank of China, Air China, Bank of Communications and China Mobile seeking listings at home.

 

China A50 Index Futures also indicates global investors' eagerness to access the Shanghai market, the analysts said.

 

"Investors have long been searching for vehicles to share China's economic miracle," said Andes Cheng, associate director of Hong Kong's South China Research Ltd.

 

"The index futures product gives them a new way other than the qualified foreign institutional investor (QFII) scheme," he said.

 

Overseas investors' interest in A shares is apparently on the rise since China lifted its one-year ban on share sales after completing a massive reform to free up more than US$200 billion in non-tradable shares.

 

However, only a select group of institutional investors are allowed to directly trade on the A-share market under the QFII scheme. Individual overseas investors can invest in the market through designated funds.

 

(China Daily August 11, 2006)