2 indexes track OTC market鈥檚 trading
Print Edition
CHINA yesterday launched two market indexes to gauge the performance of its over-the-counter market, in a move to boost trading activity on the OTC board for small businesses.
The National Equities Exchange and Quotations, the operator of the market, and China Securities Index Co jointly launched the NEEQ Component Index, which covers 85 percent of total market capitalization on the OTC market, or off-exchange board. The index rose 5.71 percent to close at 1,452.92 yesterday.
They also introduced the NEEQ Market Making Component Index to measure the value of stocks that are transacted through market makers. This index gained 1.73 percent to 1,682.6 yesterday.
The base date for both indexes is December 31, 2014, with a base value at 1,000.
Analyst said the indexes will boost the OTC market and help it attract more capital through index-related funds.
“The launch of the indexes paves the way for fund companies to design funds based on these indexes and offers an access for ordinary investors to invest in the board,” said Galaxy Securities analyst Sun Jianbo.
China set up its first OTC market in Beijing’s Zhongguancun Science Park in 2006 to provide a platform to fund non-listed startup firms that often had difficulty borrowing money from banks. Previously limited to firms in the park, the government in 2013 allowed eligible companies across the country to sell shares.
As of Monday, 2,100 companies had listed on the OTC market, up 32.8 percent from the end of last year.
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