Over the years, Shanghai has lobbied the national government for permission to allow foreign companies to list on the exchange, as part of its ambition to become an international financial center.

But in a statement on Tuesday night via Sina.com.cn, Zhang denied that there was any FTZ team studying the possibility of an international board.

The Shanghai Stock Exchange last Thursday also denied the possibility of opening an international board in the FTZ, saying there is no timetable for such a move.

"There might be such a platform established in the long term. But for the time being, the possibility is not that high," said Zhang Qi, a senior analyst at Haitong Securities Co Ltd.

For one thing, there must be a revision of the Securities Law to allow foreign companies to sell shares, the Haitong analyst said.

Further, foreign companies registered in China are qualified in theory to issue A shares. Therefore, there is no need for them to seek financing in the FTZ.

"The world's leading financial centers, including Hong Kong, New York and Tokyo, have such examples of international boards allowing foreign companies to issue stocks as a means of raising capitalization.

"But successful examples are rare, because transactions are not that active. In this sense, it does not help the companies to raise capital or seek profits in the market," Zhang Qi said.