New board to bolster growth firms
Print Edition
China will launch a new board for growth enterprises next year as it aims to expand fundraising channels and promote direct financing, the securities regulator said yesterday.
“The strategic industry board will be launched on the Shanghai Stock Exchange next year to further diversify the securities market,” Fang Xinghai, vice chairman of the China Securities Regulatory Commission, told a press conference yesterday as he outlined the CSRC’s top priorities for 2016.
The new board is part of a move to promote direct financing, cut financing costs and prevent financing risks, Fang said.
It will serve innovative enterprises and startups of emerging industries as well as overseas-listed Chinese technology companies that are seeking to go private and relist at home.
China already has the ChiNext board on the Shenzhen Stock Exchange, but it fails to meet the rising financing needs of emerging enterprises.
“We’re mulling listing requirements and trading rules of the new board to make sure it can complement the ChiNext board,” said Huo Da, director of CSRC’s market department.
Fang also said a stock trading link between Shenzhen and Hong Kong is likely to be launched next year as the CSRC proceeds with opening of the financial market.
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