China's strategy to turn Shanghai into a world economic powerhouse, on par with London or New York, has already put into motion plans to allow foreign companies to list on the Shanghai Stock Exchange. This will allow foreign companies, such as Wal-Mart Stores ( WMT), Coca-Cola ( KO), and HSBC Holdings ( HBC) to have their secondary listings in Shanghai. This momentum could encourage China's firms trading only on exchanges in the U.S. to list on domestic exchanges. Many companies that are listed only outside China and Hong Kong tend to be undervalued, as they are relatively unknown and experience home-bias from U.S. investors. Up until the last couple of years, the Shanghai Composite Index catered only to large state-owned firms, while many multinationals listed in Hong Kong. Most companies have a double listing in China and Hong Kong, to attract international investors. Many of the best private companies shun listing on China or Hong Kong exchanges because of bureaucratic hassles. Other developing countries are also launching impressive IPOs. In India, Coal India, the world's largest coal producer, is planning to raise $3.2 billion in October. Brazil's Petroleo Brasileiro (Petrobras) ( PBR) is planning to raise as much as $25 billion through a stock offering to minority investors in September. This would make it one of the largest deals of the last decade. In April, Poland's biggest insurance company, PZU, raised $2.7 billion. This was the largest IPO in Europe since 2007, and the largest in Poland's domestic market.