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 | Saturday, May 06, 2000, updated at 12:09(GMT+8) | ||||||||||||
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Beijing Firms Active in BoursesWith the development of the economy and the growth in the stock market, Beijing-based companies have emerged as a driving force in domestic bourses, local market regulators said."The listed companies from Beijing are very active in the market and some of them have staged good performances in both operation and share price," said Sun Jiaqi, director of the Beijing securities regulatory office under the China Securities Regulatory Committee. So far, 54 Beijing companies have been listed on the Shanghai and Shenzhen stock exchanges, 48 with A shares and six with B shares, Sun said. A shares are renminbi-denominated shares for domestic investors while B shares are reserved for foreign investors. Some Beijing high-tech companies, such as Unisplendour, Founder and Legend, have already become market heavyweights. Sun encouraged more companies to get listed overseas - like Yuxing in Hong Kong, and Growing Enterprise Market and Sina's landing on the NASDAQ. Experts said the central government's market-boosting policies - such as expanding financing channels for securities companies and reforming share issuing methods - have helped lift the market. "There will soon be more encouraging news," Sun said. He expected changes in the way new shares are issued, which may be further opened up to individual investors. But he also warned that the quality of listed firms must first be improved because the market cannot simply rely on policy, or government support. "The improvement in company performance is also essential to buoying the market," Sun said. "Security companies, market regulators and shareholders of the listed companies should work together to bring about a healthy market growth," he said. Beijing will be tightening supervision over listed firms this year and will be adopting measures to promote market transparency, it was disclosed at a recent regulatory conference of listed companies from Beijing. The measures include making public serious operational problems of listed firms and spot investigations of companies that have undergone asset restructuring or that are expected to issue new shares. "We are working hard to see the listing of more qualified companies. Those that have already been listed should also promote structural reform or they may be squeezed out of the market," Sun said. China's stock market still needs more standardized practices and a better ratio of direct financing to gross domestic product (GDP), experts said.
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