Monday, March 10, 2008

China regulator sees quick action on startup market

China is ready to move quickly to set up a Nasdaq-style market for start-up firms, with regulations likely to be released for public comment in April, China's top securities regulator said.
State media on Thursday quoted Shang Fulin, head of the China Securities Regulatory Commission, as saying conditions were basically ripe for launching the so-called second board, which is seen as key to promoting high-tech companies and corporate innovation in China.

"Right now, we should say the preparations are relatively complete," he was quoted as saying in the Shanghai Securities News, although he had no concrete timetable for a launch.

He said regulations would be submitted for public comment after the National People's Congress session ends in mid-March, while the timing of the launch would depend on how work progresses after that.

Pressed about the specific timing for the public comment period, he said: "If you really have to talk about when, I guess it would be April."

He added that a large number of companies were hoping to list on the exchange after it starts up.

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