Charts of the Day: Beijing Stock Exchange Registers Names of Board Members
The planned new Beijing bourse was registered on Friday, with financial veteran Xu Ming named as chairman, according to public business records.
The would-be third national stock exchange on the Chinese mainland was registered as Beijing Stock Exchange Co. Ltd. (BSE), with registered capital of 1 billion yuan ($155 million). New chief Xu is currently chairman of National Equities Exchange and Quotations Co. Ltd. (NEEQ), an over-the-counter stock market that wholly owns BSE.
The bourse has named NEEQ general manager Sui Qiang as its deputy chairman and manager, and appointed several officials from the China Securities Regulatory Commission (CSRC) and deputy general managers from NEEQ as its board members.
The new stock exchange, announced by Chinese President Xi Jinping on Thursday, is expected to fund innovative small and midsize enterprises.
BSE’s rules will be based on those for premium companies traded in NEEQ’s “select tier” (精选层). The CSRC, the country’s top securities regulator, has published relevant draft rules for public comment. Likewise, draft regulations (link in Chinese) on listings, trading and membership have been published by BSE and are open for public comment until Sept. 22.
Stocks to be traded on the new exchange will not be allowed to rise or fall by more than 30% in a single trading day, according to the CSRC’s draft rules. New listings will not be subject to any caps on price changes on their first trading day, with the daily limit only applicable from day two.
Contact reporter Guo Yingzhe (email@example.com) and editor Heather Mowbray (firstname.lastname@example.org)
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