久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

US EUROPE AFRICA ASIA 中文
Business / Markets

SMEs gain greater access to funds

By Chen Jia (China Daily) Updated: 2013-01-17 10:03

'Third board' to satisfy growing financing needs for non-listed firms

China's equity transfer system for non-listed small and medium-sized enterprises was introduced in Beijing on Wednesday, opening up a national over-the-counter and off-exchange market to satisfy growing financing demand, the China Securities Regulatory Commission said.

The step is a milestone for the Chinese capital market. A unified platform will take the place of the previous regional pilot programs for equity trading in small companies that have not yet reached the conditions needed for listing.

After the launch, the shares of the companies in the four pilot zones - including Shanghai and Tianjin - will be traded in Beijing.

Guo Shuqing, the chairman of the CSRC, said on Wednesday that the current proportion of companies that directly raise money from the equity market is "too small".

SMEs gain greater access to funds

So far, there are about 1,400 companies listed in Shanghai and 1,050 in Shenzhen, only 0.02 percent of the total number of Chinese State-owned and private companies.

At the end of 2012, the Shanghai benchmark stock index increased 3.17 percent year-on-year, and the value of the mainland stock market surpassed Japan to become the second-largest in the world, according to Guo.

More measures are in store to promote the multi-level capital market, Guo said.

The CSRC has not yet released a detailed transaction regulation for the new national OTC market, or the so-called third board. The new platform has a lower threshold for companies to enter the market compared with other platforms.

The CSRC has also improved a series of measures in 2012 to regulate non-listed companies, including information exposure and capital requirements.

"The development route of the OTC market will be designed based on market demand," Yao Gang, vice-chairman of the CSRC, said on Wednesday.

The new market will not be isolated from the main board in Shanghai and the ChiNext, or the Chinese Nasdaq-style market, in Shenzhen, and it will help companies prepare for going public when they reach a stage of fast growth, analysts said.

It will be important to balance trading on stock exchanges and off-exchange trading to achieve stable operations and shore up emerging businesses, Yao said.

The new board will be an important part of China's financial sector, said Wang Yuqiong, an analyst with Founder Securities Co Ltd.

"It will be a foundation for the capital market, although it is now in its infancy," Wang said. "It may be a bypass for the stock markets in Shanghai and Shenzhen, especially to ease the pressure of IPO issuing."

According to the CSRC, there were 878 companies on the waiting list for IPOs by Jan 10.

Mainland stocks fell on Wednesday. The Shanghai Composite Index retreated 0.7 percent to close at 2309.50 from its eight-month high of 2311.74, which was reached on Tuesday.

The CSI 300 Index, which entered a bull market earlier this month with a 20 percent gain from its December low, lost 0.7 percent to 2577.09.

China's first OTC market pilot program started in 2006 in Beijing's Zhongguancun, a high-tech industrial park, with about 100 non-public companies.

In August last year, the State Council, or China's cabinet, approved a plan to expand the pilot zones for the new OTC equity market.

Pilot areas were set up in the Zhangjiang High-tech Industrial Development Zone in Shanghai, the East Lake High-Tech Development Zone in Wuhan, and Tianjin's Binhai High-Tech Industrial Development Area.

By the end of December, 200 companies from the four pilot zones had listed equities on the regional OTC market, according to the CSRC.

Last year, the CSRC also encouraged direct financing for small companies through the use of high-return privately raised corporate bonds.

chenjia1@chinadaily.com.cn

SME business confidence edges higher

APEC economies vow to boost SME development

SME confidence slips again in Q3

Performance to determine SME funding applications

SME manufacturers hammered by European economic slump

SME center boosts individual strengths

 

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 99久久免费精品国产免费 | 自拍偷在线精品自拍偷无码专区 | 日本又黄又爽又免费 | 精品亚洲一区二区三区 | 中文字幕亚洲精品 | 国产精品毛片va一区二区三区 | 国产成人精品一区二区视频 | 久久久在线| 高清欧美日本视频免费观看 | 成人天堂av| 欧美一级二级片 | 午夜性片 | 亚洲v视频 | 欧美大胆一级视频 | 成人国产一区二区 | 久草在线新视频 | 99精品视频在线观看 | 日朝欧美亚洲精品 | 久爱午夜精品免费视频 | 亚洲日本久久一区二区va | 亚洲精品综合一二三区在线 | 在线播放免费一级毛片欧美 | 琪琪午夜伦埋大全影院 | 欧美视频一区二区三区 | 免费人成观看在线网 | 国产精品久久久久影视不卡 | 日韩精品一区二区三区免费观看 | 久久综合九九亚洲一区 | 国产成人香蕉在线视频网站 | 久久国产精品最新一区 | 亚洲第一成年网站大全亚洲 | 91精品国产91久久久久青草 | 亚洲一区二区在线 | 特级毛片aaaa级毛片免费 | 91aaa免费免费国产在线观看 | 亚洲国产日韩欧美综合久久 | 日本精品久久久久久久久免费 | 久久99热精品免费观看欧美 | 免费播放特黄特色毛片 | 久久精品国产影库免费看 | 国产精品永久在线 |