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Shenzhen Ready for Launch of Second Board - Mayor
Municipality officials from Shenzhen have said that the city is well prepared for the much-heralded Nasdaq-style second board, although top regulators still have not indicated when they will give the final green-light for the debut of the board.
"We have already got everything done currently for the preparatory works of such a launch, and we are solely waiting for the final go-ahead from the central government," said Yu Youjun, mayor of the city, who is attending the ongoing World Economic Forum China Business Summit.
The board, which aims to foster the growth of China's fledgling enterprises by granting them another channels for funds, has been delayed as earlier rumours claimed that it would be launched by the end of last year, early this year and even before the middle of the year.
Anthony Noeh, the chief adviser of the China Securities Regulatory Commission, said earlier in an interview, that the second board could kick off in September after six months of preparatory works following the rules governing the operating of such a board by the State Council.
"The city has done a series of trial works and tests on the systems and equipment based on the new rules which are quite different from the operation of the main board," said Wang Suiming, vice-mayor of the city.
She disclosed that there are about 20 strong Shenzhen-based high-tech enterprises queuing up for the planned listing on the board.
And earlier reports also said that there are about 30-50 enterprises in the hands of each of the top 10 securities firms and 10 enterprises in each of the remaining 20 securities houses, waiting for financial help to be on the track of the second board.
Speaking at yesterday's China Business Summit, China's Vice-Premier Wu Bangguo said the board will be launched soon but did not specify the exact timetable for such a launch.
And Wang said that the bearish performance of the Nasdaq market is one of the key factors that pose a negative impact to Beijing's decision to launch the market that is to finance the growth of China's fledgling high-tech start-ups and enterprises with great growth potential.
Another reason for the delay of the market is top authorities' worries over possible wrongdoings witnessed in the A-share market, said Wang, referring to speculation and internal illegal tradings.
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