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The country's long-awaited NASDAQ-style second board could start around October with 40 listed firms, it was suggested yesterday.
The opening of the second board, or growth enterprise board (GEB), has been timed to coincide with the completion of the initial public offering reform on the main board.
New listings were suspended in September last year because of excessive pricing abuse and the China Securities Regulatory Commission is drafting new rules to plug loopholes.
"We expect the new market regulations to be completed in August, when we will begin explaining the requirements to intermediaries, corporations and investors," Wang Wenli, a member of the Shenzhen Stock Exchange (SSE), said.
The SSE released the draft listing regulations for the GEB on Friday and has started soliciting public opinion.
"It will take two weeks to solicit opinion, then the formal regulations can come out. The transaction regulations for the GEB can be expected in two weeks, which will specify the capital threshold for investors," said Wang, who denied rumors the threshold could be as high as 300,000 yuan ($44,000).
"Based on research on the small and medium-sized enterprises board, investors that are actively speculating usually have less than 30,000 yuan in capital. The 50,000-yuan threshold might be high enough to avoid over-speculation."
Outstanding issues also include whether companies listed can transfer to the main board or other markets when they meet requirements.
Professionals who joined a forum to discuss the proposals welcomed the efficient delisting scheme of the GEB and also suggested shortening the lock-up period for shareholders to avoid speculation and introducing a market-maker system to enhance the quality of information disclosure.
Questions:
1. When is the country’s version of NASDAQ expected to be opened?
2. What is the probable investment threshold currently being discussed to avoid over speculation in the new growth enterprises board?
3. What is another issue to be ironed out before the opening/
Answers:
1. Possibly October.
2. 50,000 yuan.
3. Whether listed companies will be able to appear on other exchanges.
（英語(yǔ)點(diǎn)津 Helen 編輯）
Brendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op’Ed pieces with a China focus that feature in the Daily’s Website opinion section.
He received his B.A. and Post Grad Dip from Curtin University in 1997 and his Masters in Community Development and Management from Charles Darwin University in 2003. He has taught in Japan, England, Australia and most recently China. His articles have featured in the Bangkok Post, The Taipei Times, The Asia News Network and in-flight magazines.
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