Stocks turn down in morning session
By Li Zengxin (chinadaily.com.cn)Updated: 2007-06-15 11:56
There is no specific timetable for launching the index futures but China is making preparations for the new product, said Tu Guangshao, vice chairman of the China Securities Regulatory Commission (CSRC).
The regulators are drafting rules and regulations, establishing a supervision framework for the new products and improving risk preclusion and control mechanism for futures brokers. And most recently, education to investors has been brought up to the table.
Tu also said the mainland and Hong Kong stock markets have complementary relations, and the cooperation between the two sides is the mainstream trend. The mainland authorities will continue to support domestic companies to list in Hong Kong, Tu said.
The vice chairman believed the difference in prices of A and H shares of a same company listed in the two places are not "abnormal". The markets were different after all, he said, and the qualified domestic institutional investor and qualified foreign institutional investor schemes will help diminish the gap and make the duo more "balanced".
Fund managers are now allowed to buy mutual fund products themselves, said CSRC yesterday. Professionals at fund management companies or fund trust banks can buy open-end funds, but are still restricted from purchasing closed-end ones, according to a detailed rule released by CSRC, taking effect immediately.
By yesterday, there were 75 listed companies on the two exchanges that hadn't
finished the split share reform and carried an S title before their company
names. Of the 75 companies, 41 had entered the reform process. The rest hadn't
made a move.
 | 1 | 2 |
(For more biz stories, please visit Industry Updates)