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September 12, 2009

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149 firms apply for GEM list

CHINA'S securities regulator has received applications from 149 companies to list on the upcoming Nasdaq-like Growth-Enterprise Market.

These companies plan to raise a total of 33.6 billion yuan (US$4.92 billion), an official in charge of the GEM at the China Securities Regulatory Commission announced yesterday.

Of the 149 candidates, 13 are state-owned companies, 12 are foreign-invested enterprises, and the rest are private companies, the official said.

Of these companies, 68 percent are in information technology, new material, biomedical and modern service sectors, and 15 percent of them are manufacturers, with the rest in new energy, media and modern agriculture industries.

The GEM, featuring start-up high-tech firms, is on track to be launched in Shenzhen as early as next month.

Media reports said that the CSRC is likely to hold a meeting today to discuss the first batch of 20 firms that will float shares on the GEM.

The CSRC started to receive applications from companies in July.

Candidates will receive a first response from the regulator within 20 days after handing in applications, and it will take about three months to review a company.


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