China took a major step toward seeing Alibaba Group Holding Ltd., Baidu Inc. and others list in its domestic market, announcing a trial program that would allow the technology giants to see their shares bought and sold in the world’s most populous country.
The State Council unveiled the plans on Friday, less than a month after the idea was first made public -- underscoring how keen authorities are to see foreign-listed firms come home. A pilot of Chinese depositary receipts would apply to companies that went public overseas and have a market value of more than 200 billion yuan ($32 billion). Firms can use corporate structures that aren’t permitted on the mainland, and monies raised can be moved offshore. Some private companies will also find it easier to list shares.