CSRC identifies 5 main tasks
By Winny Wang |
March 12, 2010, Friday
|
Print Edition
Print Edition
THE securities regulator will work toward getting overseas companies to list on the Chinese mainland as part of its five key tasks, the head of the China Securities Regulatory Commission said in Beijing on Wednesday.
The other tasks the CSRC has identified are improving rules for the main boards and the growth enterprise market, setting up over the counter market and international market, launching stock index futures and margin trading and enhancing market supervision, Shang Fulin said.
Draft rules for the listing and trading of overseas firms on the international board at the Shanghai Stock Exchange have been completed.
Shang also urged more private innovative companies to look toward the equity market for financing.
The launch of the small and medium-sized board and ChiNext, China's Nasdaq-style growth enterprise market, offers private companies more financing channels, which will help them sharply increase profits and promote innovation, Shang said.
The number of employees involved in research and development jumped by more than 70 percent and annual R&D investments rose 50 percent on average after private firms went public.
A total of 703 private companies floated shares on the Chinese mainland by February 12, accounting for nearly 40 percent of all listed firms on the mainland. These firms raised a combined 432 billion yuan (US$63.8 billion) from the equity market.
Last year, 66 out of 79 companies that launched initial public offerings on the main boards were private firms. They raised 53.4 billion yuan, or 28 percent of the total raised.
The other tasks the CSRC has identified are improving rules for the main boards and the growth enterprise market, setting up over the counter market and international market, launching stock index futures and margin trading and enhancing market supervision, Shang Fulin said.
Draft rules for the listing and trading of overseas firms on the international board at the Shanghai Stock Exchange have been completed.
Shang also urged more private innovative companies to look toward the equity market for financing.
The launch of the small and medium-sized board and ChiNext, China's Nasdaq-style growth enterprise market, offers private companies more financing channels, which will help them sharply increase profits and promote innovation, Shang said.
The number of employees involved in research and development jumped by more than 70 percent and annual R&D investments rose 50 percent on average after private firms went public.
A total of 703 private companies floated shares on the Chinese mainland by February 12, accounting for nearly 40 percent of all listed firms on the mainland. These firms raised a combined 432 billion yuan (US$63.8 billion) from the equity market.
Last year, 66 out of 79 companies that launched initial public offerings on the main boards were private firms. They raised 53.4 billion yuan, or 28 percent of the total raised.
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