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Plans completed for a start-up stock board

CHINA'S stock market regulator has completed preparations for a start-up board, Ouyang Zehua, vice director of the watchdog's market supervision department, said in Beijing yesterday.

The board will have new trading rules aimed at preventing speculation and the China Securities Regulatory Commission will monitor abnormal stock price movements, Ouyang told Bloomberg News.

Premier Wen Jiabao said last year that he wants to set up a NASDAQ-like board for start-up companies to make it easier for small businesses to raise cash as banks focus on loans for larger, state-owned enterprises. The plan has been on hold since the nation's stock market plunged about 65 percent last year.

The board, under consideration for several years, would allow start-up firms to make initial public offerings with lower requirements than the main board. Candidates will only have to show they've been profitable for two years rather than the three years required for admission to the main board.

The securities regulator published a draft of the listing rules for start-up companies seeking public feedback in March 2008, and hasn't published the final version.

The watchdog will "choose an opportunity" to issue the final rules about the new board, a statement posted on its Website last week said.


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