No Date Set for China's Second Board MarketThe date has not yet been set for launching China's second board market, said a senior official from the National People's Congress (NPC), the country's top legislative body.Cheng Siwei, vice-chairman of the NPC Standing Committee, was quoted by China's Securities as saying on Wednesday, December 13,that there are still varying opinions on the market, involving legal issues that need further discussion by the NPC. Cheng said at a recent conference in Beijing that the legitimacy of the much anticipated second board market is still a problem at the moment. The NPC gave the green light to the establishment of a high and new-tech market by amending the company law. However, because identification of high and new-tech companies demands serious scrutiny, which is not only lengthy but also controversial, the concept of a high and new-tech market has now been replaced by a growth enterprise market, which will allow listings by high-growth small and medium-sized enterprises. The official said the NPC shall discuss the issue but has not decided as to when the second board market can be inaugurated. The second board market is expected to be launched around mid-2001. |
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