CSRC aims to boost listings from western region
Updated: 2012-05-31 10:20
By Chen Jia (China Daily)
|
|||||||||||
The China Securities Regulatory Commission said on Wednesday that it will prioritize IPO applications from companies in western China, and their listings will be equally distributed between the Shanghai and Shenzhen stock exchanges.
"This will accelerate new share issues from companies in western China and support the development of the regional economy," a senior CSRC official said at a news conference.
|
The headquarters of the Shenzhen Stock Exchange in Guangdong province. The China Securities Regulatory Commission will prioritize IPO applications from companies located in 11 provinces and autonomous regions, three autonomous prefectures and one municipality in western China. [Photo / China Daily] |
The priority area covers 11 provinces and autonomous regions, three autonomous prefectures and one municipality, including Chongqing, Gansu, Inner Mongolia, Xinjiang and Tibet.
Companies from western China raised a total of 78 billion yuan ($12.28 billion) on the stock market last year, with 18 companies launching IPOs on the main and ChiNext boards, raising 15.5 billion yuan last year, according to the CSRC.
"The stock market has effectively helped the capital flow into less-developed areas and supported the expansion of high-quality businesses," said the CSRC official.
"It further balanced the nation's economic growth between the west and the east."
The development of the stock market in the western area lags far behind the eastern regions, the official said. Last year, western companies accounted for 5.48 percent of the nation's 282.5 billion yuan in IPOs.
The CSRC said it is currently reviewing IPO applications from 683 companies on the mainland, among which only 9.66 percent are from the western region.
Ran Yun, chairman of the board of Sinolink Securities Co Ltd, suggested local governments in the western region provide preferential policies in order to attract more securities companies and financial institutions to open branches there, as well as boost competition among intermediary agencies, such as legal and accounting firms.
As economic growth further cools in China, the government is launching new stimulus policies to boost domestic demand and facilitate investment, especially to support industrial development in less-developed western regions.
The CSRC also vowed to accelerate the listing of private companies to help stabilize economic growth.
In addition, the process of administrative licensing for private shareholders when increasing stakes in securities and fund management companies will be accelerated, said the CSRC.
chenjia1@chinadaily.com.cn
Related Stories
CSRC seeks to stabilize economic growth 2012-05-28 11:20
CSRC revises rules on securities issuing 2012-05-22 16:33
CSRC chief: value investment returning 2012-04-21 17:12
CSRC chairman calls for 'rational investment' 2012-03-02 07:55
CSRC looks to reduce 'irrational' speculation 2012-02-24 07:47
Today's Top News
President Xi confident in recovery from quake
H7N9 update: 104 cases, 21 deaths
Telecom workers restore links
Coal mine blast kills 18 in Jilin
Intl scholarship puts China on the map
More bird flu patients discharged
Gold loses sheen, but still a safe bet
US 'turns blind eye to human rights'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
All-out efforts to save lives |
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |