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1st Ld: Chinese shares open higher amid listing system reform

Xinhua, December 28, 2015 Adjust font size:

Chinese stocks opened higher on Monday, with the benchmark Shanghai Composite Index up 0.22 percent to open at 3,635.77 points.

The smaller Shenzhen index opened 0.35 percent higher at 13,025.66 points. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 0.53 percent to open at 2,809.52 points.

The National People's Congress Standing Committee, China's top legislature, on Sunday allowed the approval-based listing system to change to a registration-based system, taking effect on March 1.

After the legislative approval, China's top securities regulator, the China Securities Regulatory Commission (CSRC), pledged to press ahead with stock listing reform, adding that the move provides a legal basis for reform to help the capital market better serve the real economy.

Under the current system, new shares are subject to approval by the CSRC, which controls both the timing and pricing. A registration-based system will give the market a bigger say and help ease the financing difficulties of businesses. Endi