UPDATE 1-Beijing Stock Exchange kicks off trading, 10 stocks surge

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SHANGHAI, Nov 15 (Businesshala) – Trading on China’s Beijing Stock Exchange began Monday, with shares of 10 companies recently conducting an initial public offering (IPO) on the new exchange, up six times and triggering circuit breakers. extended.

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Two months after Chinese President Xi Jinping announced plans for an exchange designed to serve small and medium-sized enterprises (SMEs), a total of 81 shares began trading here to mark the exchange’s official launch. .

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The performance of another 71 stocks – which were moved from the “select tier” of Beijing’s over-the-counter “New Third Board” – was mixed.

China has increased support for SMEs as part of Xi’s vision of “shared prosperity” aimed at bridging the wealth gap.

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“This is another milestone in the reform and development of China’s capital markets,” said Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC).

“It is important in expanding the multilevel capital market, improving the financing system for SMEs and promoting innovation, and upgrading China’s economy.”

The new exchange complements the existing exchanges in Shanghai and Shenzhen.

More than 4 million investors have opened accounts to trade on the Beijing Stock Exchange, which adopts a registration-based IPO mechanism.

Similar IPO systems have also been adopted by Shenzhen’s Chinanext and Shanghai’s tech-focused Star Market. (Reporting by Shanghai Newsroom; Editing by Himani Sarkar)

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