UPDATE 1-Trading on Beijing Stock Exchange to start on Monday

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SHANGHAI, Nov 12 (Businesshala) – The Beijing Stock Exchange will resume trading on Monday, two months after Chinese President Xi Jinping announced plans for a new exchange designed to serve small and medium-sized enterprises (SMEs) Is.

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The 81 companies will see their shares traded in the first batch of listings, the exchange said in a statement, adding that it was “fully prepared” for the commencement of trading.

China’s securities regulator has said the new exchange will complement existing exchanges in Shanghai and Shenzhen. Investors are expecting a busy start to trading in 2019 in light of the grand launch of other boards such as Shanghai’s Star Market.

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The exchange said that more than 2.1 million investors have applied to become eligible investors on the Beijing Stock Exchange, meaning more than 4 million investors will be eligible for trading.

The exchange will employ a registration-based initial public offering (IPO) mechanism, which is currently only adopted by Shenzhen’s Chinanext and Shanghai’s tech-focused Star Market.

The Beijing Exchange will serve SMEs with a focus on innovation, and contribute to the high-quality development of China’s economy, it said on Friday.

The first batch of companies to be listed includes 10 that were recently approved, as well as 71 companies transferred from “selective levels” of Beijing’s over-the-counter ‘New Third Board’, according to the statement. According. (Reporting by Jason Xue and Andrew Galbraith Editing by Timothy Heritage and Mark Potter)

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