Beijing Stock Exchange Lists Companies on Nov. 15 – Filings

SHANGHAI, Nov. 11 (Reuters) – China’s new Beijing Stock Exchange approved applications from 10 companies to list shares on Nov. 15. businesses.

The companies, which are currently listed on the so-called “innovation layer” of Beijing’s over-the-counter National Equities Exchange and Quotations, known as the “New Third Board,” said in separate statements that their shares will be listed on the Beijing Stock Exchange. next Monday.

The companies include Beijing Henghe Information Technology Co, Keda Automation Control and Anhui Jingsai Technology Co.

The Chinese securities regulator has said the new exchange will complement existing exchanges in Shanghai and Shenzhen. Investors expect a busy start to trading in light of the frothy launches of other boards, such as Shanghai’s STAR Market in 2019.

Last month, a set of rules for the Beijing Stock Exchange was published. Individual investors qualified to trade must have at least 500,000 yuan ($77,459) in assets in their stock account.

“It underscores the speed and efficiency in launching the Beijing Stock Exchange,” said Zhou Yunnan, an experienced investor in the New Third Board, on which the new exchange is based.

“It is imperative to launch the stock exchange, which is tasked with deepening China’s capital market reforms,” ​​he added.

China has stepped up support for small and medium-sized businesses struggling in a slowing economy, while cracking down on tech giants under President Xi’s goal of “common prosperity,” a policy effort to narrow the gap between rich and poor.

The Beijing exchange will use a registration-based first public offering (IPO) mechanism, paving the way for the rollout of the listing system on China’s major boards, Morgan Stanley said. read more

Currently, only Shenzhen’s ChiNext and Shanghai’s technology-focused STAR Market have adopted an American-style IPO system.

Reporting by Jason Xue and Andrew Galbraith; Editing by Kenneth Maxwell

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