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People's Daily Online>>China Business

1st OTC Market To Finance Start-Ups

(Shanghai Daily)

09:01, December 08, 2011

Shanghai will open its first over-the-counter growth enterprise market next week in the Zhangjiang High-Tech Park of Pudong New Area, which will help finance start-ups in the early stage, sources said yesterday.

"We are well prepared for the new OTC market in Zhangjiang. It's soon to open but it still depends on the decision of the China Securities Regulatory Commission," Fang Xinghai, director of the Shanghai Financial Services Office, said yesterday.

Two industry sources, who declined to be identified, said the OTC market will open next week. In the initial stage, 17 firms in the high-tech park will hope to get funding from investors, including government funds and private equity firms, experts said. In this way the start-up firms can be financed through the OTC market in the early stage or before they decide to list on the main board of stock exchanges via initial public offerings.

In the first nine months of this year, 19 Shanghai high-tech firms were listed domestically, up from 15 in 2010.

 
 
 
 
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