China's red-chip telecom companies, or mainland firms incorporated outside the mainland and listed in Hong Kong, are preparing to list on the yuan-denominated A-share market. Li Rongrong, head of the State-Owned Assets Supervision and Administration Commission made the announcement in Hong Kong yesterday, according to a Beijing Daily Messenger report.

Market sources say five red-chips have been given the green light to float in the A-share market. They include China Mobile, China Netcom Corp, China National Offshore Oil Corp, Lenovo Group, and an unidentified electronic components producer.

Insiders also said China Mobile has appointed Goldman Sachs Gao Hua Securities Company Limited as its sponsor.

China Mobile, China Telecom and China Netcom, China's three biggest telecom companies, all expressed their intentions to list on the A-share market.

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