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China's NASDAQ to Be Launched Soon
According to a report by CCTV, China Central Television Station, aside from the current A-share market and B-share market, the long-awaited venture board will be opened for start-ups, for profitable new high tech enterprises in particular.
The new market under planning, the same type like NASDAQ in U.S., is called by Chinese investors "Venture Board" market. It was first proposed experts and market players as early as two years ago. Things are changing now. According to Mr. Anthony Neoh,Chief Adviser to the China Securities Regulatory Commission (CSRC), time is ready for the launching of this "Venture Board" marke
The Chief Adviser said, the bubble in the security market is at a lower level now, since the US NASDAQ market, Hong Kong's Growth Enterprise Market, and Japan and South Korea's stock markets are all showing some weakness. Under such circumstances, it is the appropriate ment to launch the venture board.
According to Mr. Neoh, there are around 300 companies have applied to the Shenzhen stock exchange to list on the proposed second board, and their tutorship period has already started. More than 1000 companies are under tutorship of over 30 qualified underwriters. These companies all had profits two years ago, and are qualified for listing even in the global growth enterprise market.
Mr. Neoh said, in such an environment, launching China's venture board is a necessary an urgent need for high technology companies. The State Department will not neglect it, since it is an established policy. The key is to have the appropriate time, and he is optimistic about this. The rules will be released by the end of this year. After it comes out, trading could begin within six to eight months. He estimates that trading is not likely to start until early next year.
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