OTC equity bourse launched
By Zhang Fengming |
July 20, 2010, Tuesday
|
Print Edition
Print Edition
THE first over-the-counter equity exchange in the Yangtze River Delta was set up in Shanghai yesterday.
The OTC market was one of the initiatives in the State Council guidelines to develop Shanghai into a global financial hub by 2020 by creating a multi-layered market system and boosting financial services.
"The OTC market is among key elements to build Shanghai's multi-layered market system," Deputy Mayor Tu Guangshao said.
The Shanghai United Assets and Equity Exchange, the Shanghai Zhangjiang (Group) Co and the Shanghai International Group, the investment arm of the Shanghai government which is looking to be listed, set up the exchange yesterday. Shanghai Mayor Han Zheng inaugurated the bourse.
Wang Jianping, a deputy director at the Shanghai Development and Reform Commission, said the Shanghai International Group may list as a whole group or list its core business.
The OTC exchange is located in the Zhangjiang High-Tech Park in Pudong New Area and will initially help start-up firms in Shanghai and other cities in the Yangtze River Delta region to raise money.
The bourse will be gradually expanded to become a national exchange to promote high-tech firms and increase industry upgrades.
"The finance industry doesn't stand alone," Han said. "The industry has a key role to help Shanghai speed up its industry upgrades."
Shanghai will strive to achieve this aim with more government subsidies, the new OTC market and support for small and medium enterprises to get listed.
The city aims to almost double its funds for financial guarantees to small companies to 2 billion yuan (US$295 million) by 2012.
Han said Shanghai's key focus in the financial center development was to improve the market system.
China's big-four state-owned banks are all based in Beijing. However, the country's major financial markets, including the bourses for foreign exchange, stock, precious metals, index futures and base metals futures are all in Shanghai.
New York's position as a global financial hub shows that a leading financial hub doesn't necessarily need to be in the country's capital.
China launched its first OTC market in June 2001 in Beijing to accommodate stocks de-listed from the main boards in Shanghai and Shenzhen as well as stocks formerly listed on the Securities Trading Automated Quotations network and National Electronic Trading system.
The OTC market was one of the initiatives in the State Council guidelines to develop Shanghai into a global financial hub by 2020 by creating a multi-layered market system and boosting financial services.
"The OTC market is among key elements to build Shanghai's multi-layered market system," Deputy Mayor Tu Guangshao said.
The Shanghai United Assets and Equity Exchange, the Shanghai Zhangjiang (Group) Co and the Shanghai International Group, the investment arm of the Shanghai government which is looking to be listed, set up the exchange yesterday. Shanghai Mayor Han Zheng inaugurated the bourse.
Wang Jianping, a deputy director at the Shanghai Development and Reform Commission, said the Shanghai International Group may list as a whole group or list its core business.
The OTC exchange is located in the Zhangjiang High-Tech Park in Pudong New Area and will initially help start-up firms in Shanghai and other cities in the Yangtze River Delta region to raise money.
The bourse will be gradually expanded to become a national exchange to promote high-tech firms and increase industry upgrades.
"The finance industry doesn't stand alone," Han said. "The industry has a key role to help Shanghai speed up its industry upgrades."
Shanghai will strive to achieve this aim with more government subsidies, the new OTC market and support for small and medium enterprises to get listed.
The city aims to almost double its funds for financial guarantees to small companies to 2 billion yuan (US$295 million) by 2012.
Han said Shanghai's key focus in the financial center development was to improve the market system.
China's big-four state-owned banks are all based in Beijing. However, the country's major financial markets, including the bourses for foreign exchange, stock, precious metals, index futures and base metals futures are all in Shanghai.
New York's position as a global financial hub shows that a leading financial hub doesn't necessarily need to be in the country's capital.
China launched its first OTC market in June 2001 in Beijing to accommodate stocks de-listed from the main boards in Shanghai and Shenzhen as well as stocks formerly listed on the Securities Trading Automated Quotations network and National Electronic Trading system.
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