Stocks News
- Board needed for listing startup firms
Date: 20-Aug-2007 Sources: (Shenzhen Daily)
THE government should set up a NASDAQ-like board as soon as possible to list start-up companies, and to introduce more financial products for investors to choose from, an official from the China Securities Regulatory Commission (CSRC) has said.
'We need to establish a different board for start-up companies to raise capital,'Qi Bin, the research head of the securities regulator, said yesterday in Shenzhen. 'We also need to develop corporate bonds and other financial products to create a multi-layered capital market.'
China's securities regulator has been exploring methods to allow start-up companies more access to capital. The government published its new rules to enable companies to sell bonds more easily Aug. 15.
'We are actively working on the preparation of the new board,'' Song Liping, vice executive manager of the Shenzhen Stock Exchange, told reporters yesterday on the sidelines of a conference in Shenzhen.
China's listed companies need to improve their corporate governance, particularly information disclosure, according to Qi.
'China's capital market will become more open and competitive in the future,'Qi said. China is poised to allow more foreign investment banks to form joint ventures in China to underwrite share sales and mergers and acquisitions, according to an agreement reached in May between the United States and China.
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