Remember the S in HSBC? Stephen Green does. The UK bank's chairman has reiterated plans to be among the first foreign-based companies to list in Shanghai. Its international board supposedly debuts next year.

Some believe this could herald a western stampede to the east. Think again. A listing in Shanghai, with its quixotic regulatory regime, appeals to three types of issuer: red-chips in Hong Kong (China Mobile); those with strong Chinese connections that have a HQ elsewhere (Lenovo); and self-promoters with ulterior motives (NYSE Euronext). The international board's creation – if it ever happens – says less about an appetite to tap Chinese investors than a local desire to galvanise Shanghai's depressed financial sector. With 3.3 per cent growth in the first half, the province was the second-worst performer among the mainland's 31 regions.