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 NEWS - China Says It Will Open New Exchange in a Month |
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白丁
头衔: 海归少校
声望: 学员
加入时间: 2004/02/22
文章: 201
海归分: 13636
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作者：白丁 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
China Says It Will Open
New Exchange in a Month
By JAMES T. AREDDY and ZHENG JIN
DOW JONES NEWSWIRES
May 19, 2004 10:16 p.m.
SHANGHAI -- China will open a subordinate level stock exchange in Shenzhen within about a month, regulators said in a report that detailed rules for trading on the new bourse.
The first batch of new companies is expected to go public on the new listing venue within twenty days to a month, said Shang Fulin, chairman of the China Securities Regulatory Commission, in the China Securities Journal. All major financial dailies on Thursday published a list of trading rules for the Small and Medium Enterprises board, although no details were published about minimum listing size or other prelisting requirements.
Rules include requirements that companies make a statement and suspend their shares from trading after a stock moves a total of 20% over three trading days. The exchange says it will announce which trading seat is responsible for shares that move over 7.0% or are among the top three movers per session. Directors and senior managers will be responsible for ensuring adherence to listing rules and fee payments, the report said. A fee structure for listed companies was also published.
The arrangements also appear to include a category of companies called ST, for "special treatment," which applies to firms facing possible delisting. But the rules didn't set out specifically what factors would lead to ST status or delisting.
Beijing announced earlier this week its plans for the secondary bourse in the southern city of Shenzhen. The approval followed several years of lobbying to build a Nasdaq-type trading system for smaller companies.
For investors, requirements are exactly the same as those that apply to the main Shenzhen Stock Exchange.
The secondary board isn't being established solely to revive initial public offerings in Shenzhen but more as an attempt to build a "multitiered capital market," a regulatory official said. Unlike its counterpart in Shanghai, Shenzhen hasn't had an IPO since late 2000, although one company issued shares on the market in a stock-swap offering.
Companies will also be listed individually, rather than as packages of groups of companies, said Zhang Yujun, a general manager at the Shenzhen exchange, in an interview in Securities Times.
Source: WSJ
作者：白丁 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 NEWS - China Says It Will Open New Exchange in a Month -- 白丁 - (2366 Byte) 2004-5-21 周五, 10:13 (884 reads)
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