Beijing Stock Exchange clears companies to list on Nov 15 -filings By Reuters

© Reuters. FILE PHOTO: The Chinese language nationwide flag is seen in Beijing, China April 29, 2020. REUTERS/Thomas Peter/File Picture

SHANGHAI (Reuters) – China’s new Beijing Inventory Trade has permitted functions from 10 firms to listing shares on Nov. 15, firm filings confirmed late on Wednesday, two months after Chinese language President Xi Jinping introduced the bourse for small and medium-sized corporations.

The businesses, at the moment listed on the so-called “innovation tier” of Beijing’s over-the-counter Nationwide Equities Trade and Quotations, generally known as the ‘New Third Board’, mentioned in separate statements their shares can be listed on the Beijing Inventory Trade subsequent Monday.

The businesses embody Beijing Henghe Info Know-how Co, Keda Automation Management and Anhui Jingsai Know-how Co.    

China’s securities regulator has mentioned the brand new alternate will complement present bourses in Shanghai and Shenzhen. Buyers predict a busy begin to commerce in gentle of frothy launches of different boards, akin to Shanghai’s STAR Market in 2019.

    A algorithm for the Beijing Inventory Trade was revealed final month. Particular person traders certified to commerce should have at the very least 500,000 yuan ($77,459) of property of their inventory accounts.

“It underscores the pace and effectivity in launching the Beijing Inventory Trade,” mentioned Zhou Yunnan, a veteran investor within the New Third Board, on which the brand new bourse relies.

    “It is crucial to launch the bourse, which is tasked with deepening China’s capital market reforms,” he added.

    China has stepped up assist for small and medium-sized enterprises struggling in a slowing economic system, whereas cracking down on tech giants underneath President Xi’s goal of “frequent prosperity”, a coverage drive to slim the hole between wealthy and poor.

    The Beijing bourse will make use of a registration-based preliminary public providing (IPO) mechanism, which paves the best way for the rollout of the itemizing system on China’s predominant boards, Morgan Stanley (NYSE:) mentioned.

    At present, solely Shenzhen’s ChiNext, and Shanghai’s tech-focused STAR Market have adopted a U.S.-style IPO system.

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