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Plan to reopen OTC board to individuals
By Chen Li |
February 23, 2011, Wednesday
|
Print Edition
Print Edition
CHINA is considering reopening its burgeoning over-the-counter board to individual investors who meet the threshold minimum of 500,000 yuan (US$76,103) in their accounts and have at least two years' experience of trading stocks.
The planned reopening to individual investors comes nearly two years after China closed the door due to low trading volumes.
Individual investors, who are now barred from the market, will be allowed to trade a minimum 1,000 shares each time when the OTC board is reopened, Shanghai Securities News said yesterday, citing insider sources. Market makers will also be introduced to ensure active trading in the OTC market.
China launched its first OTC market in June 2001 in Beijing to accommodate stocks de-listed from the main boards in Shanghai and Shenzhen as well as stocks formerly listed on the Securities Trading Automated Quotations network and the National Electronic Trading system.
STAQ and NET, set up in the 1990s for firms that could not meet main-board listing conditions, were closed in 1999 because of rampant irregularities. In 2006, the Beijing-based OTC board was turned into a market where technology firms in Beijing's Zhongguancun Technology Park could trade shares.
But in June 2009, access to the OTC market was closed to individual investors. Its condition for investors to trade a minimum 30,000 shares each time stalled participation
The planned reopening to individual investors comes nearly two years after China closed the door due to low trading volumes.
Individual investors, who are now barred from the market, will be allowed to trade a minimum 1,000 shares each time when the OTC board is reopened, Shanghai Securities News said yesterday, citing insider sources. Market makers will also be introduced to ensure active trading in the OTC market.
China launched its first OTC market in June 2001 in Beijing to accommodate stocks de-listed from the main boards in Shanghai and Shenzhen as well as stocks formerly listed on the Securities Trading Automated Quotations network and the National Electronic Trading system.
STAQ and NET, set up in the 1990s for firms that could not meet main-board listing conditions, were closed in 1999 because of rampant irregularities. In 2006, the Beijing-based OTC board was turned into a market where technology firms in Beijing's Zhongguancun Technology Park could trade shares.
But in June 2009, access to the OTC market was closed to individual investors. Its condition for investors to trade a minimum 30,000 shares each time stalled participation
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