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Second Board Market Won't Be Open to Overseas Investors
The second board market, that is estimated to set up by the end of year will not be open to overseas investors, and foreign-funded enterprises, according to the senior officials from CSRC.
He added there are also regulations for state-owned and domestic private enterprises in enterprise stock listing regulations, which also indicated that securities firms should abide by those rules and were not fit for underwriting the large-caps listing.
In a conference on policy and practice of second board market, supported by People Daily, the ex-director of CSRC Liu hongru pointed out the second board market is set up with an aim for development of private enterprises, which have high potential.
Zhou xiaochung, chairman of CSRC made the decision to abolish "the double highest authentication". The move is an advance that would loose the conditions for entry into the second board market, and enhance the transparency of listing companies.
The location for second board market, would be chose from Shanghai and Shenzhen.
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