1st Batch of Smaller Firms to Be Listed on GEM Later in Year
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The first batch of smaller companies are expected to be listed on China's Growth Enterprise Market (GEM) at the Shenzhen Stock Exchange, in late October or early November, the top securities regulator said on Tuesday.
The China Securities Regulatory Commission (CSRC) did not reveal how many smaller firms would get listed for public trading in the first batch on the NASDAQ-like stock market.
Yao Gang, vice chairman of the CSRC, said Tuesday at an industry conference in Beijing that the commission was endeavoring to establish a public offering approval committee by August.
Firms to be listed on the GEM could file their initial public offering (IPO) documents to the CSRC in late July or early August.
Financing difficulties have long been a bottleneck for Chinese small-and medium-sized enterprises. The launch of the GEM board could provide an important financing platform for smaller firms with good growth prospects, Ou Minggang, director of the International Finance Research Center of China Foreign Affairs University, told Xinhua on Tuesday.
The Shenzhen Stock Exchange on May 8 unveiled a draft listing rules for the upcoming GEM, a major step in the development of the country's first Nasdaq-style stock market.
(Xinhua News Agency July 15, 2009)