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1,000 Firms Line up for China's Nasdaq

Investors study the stock trend Tuesday. The Component Stock Index on the Shenzhen Stock Exchange closed at 3,487.12 Tuesday, up 26.92 points over the previous close. The A Share Index closed at 3,744.38, up 30.71 points.

More than 1,000 private Chinese start-up firms are lining up to list shares on an eventual Nasdaq-style second board in Shenzhen, Mayor Li Hongzhong said last Wednesday.

Li was speaking on the sidelines of a news conference in Beijing, days before the Central Government announced the approval of the launch of the mid-cap board on the Shenzhen Stock Exchange for small and medium-sized enterprises.

"More than 1,000 firms across China have applied for listing on the second board, most of which are high-tech companies,” he said.

The latest regulations would not allow foreign firms to list on the proposed exchange, a once-popular idea that had lost steam in recent years, Li said.

Market reforms in China have slowed to a crawl in the past two years as regulators focus on enhancing supervision and admitting foreigners into once-closed markets.

Chinese firms, including many high-flying technology companies, had planned to raise some US$27 billion from overseas offerings this year, partly because of stagnant domestic markets and the absence of a Nasdaq-style market.

(Shenzhen Daily May 1, 2004)

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