Regulator solicits opinions for opening own Nasdaq
Updated: 2008-03-21 22:36
BEIJING -- The China Securities Regulatory Commission (CSRC) Friday began to solicit opinions on a market it will open for small start-ups to raise funds.
The securities regulator posted on its website the regulations including conditions and procedures of stock issuance as well as information disclosure.
The opinions will be released next month and relevant institutions including sponsors and law firms will have to learn the regulations, said CSRC.
The first batch of companies will not get listed on the growth enterprise board, similar to the Nasdaq, until several months later, said the regulator which did not reveal how many months. Shang Fulin, CSRC head, said in January that the board would be opened on the Shenzhen Stock Exchange in the first half of this year.
CSRC said the Shenzhen bourse had contacted about 200 companies interested in the growth enterprise board, which will have relatively lower thresholds than the main board.
Meanwhile, CSRC is studying extra requirements the growth enterprise board will have, for listing enterprises will have relatively higher risks, it said.
Lack of finance has been a problem for China's 42 million SMEs, more than 95 percent of which are privately owned.
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