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CSRC Encourages Small Firms to Get Listed Abroad
Geng Liang, vice-chairman of the China Securities Regulatory Commission (CSRC), indicated on May 51 that CSRC not only supports large and prosperous Chinese companies to get listed aboard, but also encourages small and medium-sized high-tech companies to go public on overseas second boards.
Geng Liang made this remark at a Seminar on Co-operation between Technology and Capital in Shanghai and Hong Kong, according to the report of China Securities. He said that actively promoting quality Chinese firms to list abroad is an important means to sharpen the competitive edge of Chinese enterprises as well as a key guideline directing opening up China's securities market to the outside world.
As introduced, Hong Kong serves as the major channel for overseas listing of Chinese enterprises. Last year saw the largest amount of fund, i.e. 68 billion yuan, raised by inland companies from Hong Kong, an 11-time growth compared with that of 1999. By the end of last April, 53 listed companies from the mainland of China had collected a gross capital of over US$17.6 billion from the securities market of Hong Kong.
Geng also revealed that the second board market of Hong Kong so far has provided lots of good experience of supervision and management. Relevant authorities are studying the experiences of overseas second boards, soliciting opinions from all sides in a bid to launch China's second board market at an early date.
By PD Online staff member Deng Gang
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