Growth enterprises board to be launched
Updated: 2007-09-04 16:34
The growth enterprises board (GEB), which targets China's plentiful small- and medium-sized enterprises (SMEs), is to be launched soon, according to the China Securities Regulatory Commission (CSRC)'s newly approved development plan, the Shanghai Securities News reported today.
Launching GEB at the right time is a part of a development plan put forward by Shang Fulin, chairman of CSRC in December last year.
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An insider said that examination of stock issuance on GEB is very likely to go through the National Development and Reform Commission (NDRC)'s relevant procedures.
Preparations for the GEB launch at the Shenzhen Stock Exchange are nearly complete.
Four rules including GEB management measures, information disclosure and sponsors have been basically established, according to Song Liping, vice general manager of the Shenzhen Stock Exchange.
Song also said that China has plentiful listing resources and speeding up GEB building and other capital market are both inevitable and necessary.
Statistics from the Ministry of Science and Technology show that, as of the end of 2006, China had roughly 130,000 private science and tech enterprises, and 50 percent of them are limited liability companies and companies limited by shares.
There are over 3,000 companies with annual sales revenue of more than 100 million yuan among the more than 40,000 enterprises in China's 50 high-tech development zones.
In addition to its main board, China has only one SME board, which was launched in 2004 in Shenzhen. But the board is a subordinate of the Shenzhen Main Board. Listed companies on the SME board have to abide by the main board listing rules.
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