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Mainland bourses to welcome 300 firms a year
By Lydia Chen |
February 28, 2011, Monday
|
Online Edition
Online Edition
CHINA plans a drastic expansion of its stock markets and expects its NASDAQ-style start-up board to grow nearly 10 times by 2015.
The ambitious Five-Year Plan for China's capital markets will invite an average of 300 new comers every year to the securities markets, which include two main boards, a small and medium-sized enterprises board and ChiNext, a board for high-growth start-ups, Securities Times reported today.
The SME and ChiNext boards will take the center stage in the expansion with companies listed on ChiNext to exceed 1,000 from the current 183.
ChiNext, which was launched by the Shenzhen Stock Exchange last June, has a total market value of 797.26 billion yuan (US$121.35 billion) by today. The 7-year-old SME, also based in Shenzhen, now has 552 listed firms with a gross value of 3.54 trillion yuan.
Shanghai A-share market is the biggest board in the mainland with 901 listed companies and a total market value of 18.63 trillion yuan. Shenzhen has a smaller market with 485 listed firms and a combined value of 4.46 trillion yuan.
The expansion follows the Shenzhen Stock Exchange's pledge to enhance its supervision over the stock markets, especially the ChiNext board.
The exchange will introduce a system to force listed firms to quit the market once they made a serious violation of the rules, the report said.
ChiNext has been known as a volatile market since it was born. Speculative trading sent some stock prices doubling, trebling or even more on trading debuts only to plummet drastically in subsequent sessions.
Irregularities such as insider trading and market manipulation are also rife, especially in the new-born market.
The ambitious Five-Year Plan for China's capital markets will invite an average of 300 new comers every year to the securities markets, which include two main boards, a small and medium-sized enterprises board and ChiNext, a board for high-growth start-ups, Securities Times reported today.
The SME and ChiNext boards will take the center stage in the expansion with companies listed on ChiNext to exceed 1,000 from the current 183.
ChiNext, which was launched by the Shenzhen Stock Exchange last June, has a total market value of 797.26 billion yuan (US$121.35 billion) by today. The 7-year-old SME, also based in Shenzhen, now has 552 listed firms with a gross value of 3.54 trillion yuan.
Shanghai A-share market is the biggest board in the mainland with 901 listed companies and a total market value of 18.63 trillion yuan. Shenzhen has a smaller market with 485 listed firms and a combined value of 4.46 trillion yuan.
The expansion follows the Shenzhen Stock Exchange's pledge to enhance its supervision over the stock markets, especially the ChiNext board.
The exchange will introduce a system to force listed firms to quit the market once they made a serious violation of the rules, the report said.
ChiNext has been known as a volatile market since it was born. Speculative trading sent some stock prices doubling, trebling or even more on trading debuts only to plummet drastically in subsequent sessions.
Irregularities such as insider trading and market manipulation are also rife, especially in the new-born market.
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