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Shenzhen Stock Exchange to control trading risks on GEM

(chinadaily.com.cn)
Updated: 2009-09-24 17:42

The Shenzhen Stock Exchange released a notice about the IPOs on the Growth Enterprises Market (GEM), a NASDAQ-style stock market, on September 23 as the official launch of the GEM approaches. The notice aims to prevent the shares on the GEM from getting too hot on the first trading day, China Economic Net reported.

Related readings:  China OKs 4 more firms for GEM, vetoes 1  Another six approved for GEM listing  China gives green light to 1st GEM applicants

The notice regulates if a share increases by 20 and 50 percent or decreases by 20 and 50 percent from the offer price, a call will be made to temporarily cease trading. If trading prices increase or decrease by 80 percent, trading will be stopped until 2:57 pm, three minutes before the market closes.

Regulations to supervise abnormal trading behaviors on the first trading day have also been established, according to the notice.

An official in charge with the Shenzhen Stock Exchange said considering the immaturity of the upcoming GEM, new regulations have been set for controlling possible investment risks.

He said the GEM trading rules will remain the same as the ones of the main board, but the rules will be amended after several days of practice.