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China publishes rules for new Beijing Stock Exchange

Stock MarketsOct 30, 2021 11:25AM ET
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SHANGHAI (Reuters) - China published a set of rules for the newly established Beijing Stock Exchange on Saturday, moving a step closer toward the official launch of a market designed to fund innovative start-ups.

The exchange was set up last month in the Chinese capital, complementing two other bourses in the business hub of Shanghai and the southern city of Shenzhen.

Establishing the Beijing Stock Exchange is part of President Xi Jinping's strategic scheme to develop China's capital markets, and will support innovation and small- and medium-sized enterprises (SMEs), the China Securities Regulatory Commission (CSRC) said on Saturday.

The rules, which were released by the CSRC following a public consultation, aim to regulate public offerings, information disclosure and corporate governance for the Beijing exchange. They will take effect on Nov. 15.

China has stepped up support for SMEs struggling in a slowing economy, while cracking down on tech giants under President Xi's vision of "common prosperity", a policy drive to narrow the gap between rich and poor.

Late on Friday, the CSRC published draft guidance that will require higher-quality information disclosure in companies' prospectuses under China's registration-based IPO system, on which the Beijing Stock Exchange will be based.

Shanghai's tech-heavy STAR Market and Shenzhen's start-up board ChiNext have also adopted a U.S.-style registration-based IPO mechanism, which gives the market a bigger role in evaluating and pricing IPOs.

China publishes rules for new Beijing Stock Exchange
 

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Comments (2)
David David
David9 Oct 30, 2021 1:26PM ET
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I told you guys... this exchange is going to do really well.
Kevin Avila
Kevin Avila Oct 30, 2021 1:08PM ET
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As soon as we get access to China’s market… we will short it! [insert crying laughing face here]
 
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