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Monday, October 15, 2001, updated at 13:53(GMT+8) | ||||||||||||||
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Second Board Delayed, Not AbortedThe launching of the second board market has been temporarily postponed largely because of the unstable US-based NASDAQ market and the under-adjusted main board market, according to today's China Daily.But the long-awaited second board market will not be aborted, said Zhou Xiaochuan, chairman of the China Securities Regulatory Commission. The current external environment is favourable for introducing the second board, he said, because the main board market is less speculative and malpractice has been kept under control . But he did not give a timetable for the second board's launching. Zhou spoke last weekend in Shenzhen at the New Capital Market Forum, part of the Third China High-tech Fair. He said the government is determined to establish a sound and healthy capital market so as to boost the high-tech industry. "The capital market plays a crucial role in pushing forward the high-tech industry by providing much-needed funds for the commercialization of new products," he said. He also said more financial products and services would be introduced for the high-tech industry. "We will continuously streng-then supervision over the listed companies and expose those releasing false information and violating market order," Zhou said. The technical part of the preparations - including the trading system£» revision of security £» law and accounting regulations£» education of intermediaries, investors and lawyers - is still under discussion, Zhou said. He denied the possibility of re-opening the main-board market to those companies which want to get listed in Shenzhen due to the delay of the second board market. While capital flow from the main board to the second board is concerned, Zhou said he had strong confidence in the ability of the main board to withstand the challenges, given its large size. Regarding the relationship between China's high-tech industry and capital market, Andrew Sheng, chairman of Hong Kong Securities and Futures Commission, said venture capital can broaden fund-raising channels and lend full support to the industry. "Given the numerous emerging new technology companies and huge domestic savings in China, the venture capital market is promising," he said.
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