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在线翻译:
szdaily -> Business_Markets
Beijing bourse readies for Shanghai-style trading
    2018-January-12  08:53    Shenzhen Daily

BEIJING-BASED National Equities Exchange and Quotations (NEEQ), home to 11,000 small company stocks, is slowly but surely taking steps to look more like its older siblings in Shanghai and Shenzhen.

NEEQ, which was founded in 2012 and is under the direct supervision of the China Securities Regulatory Commission, will Saturday conduct the final test of a new feature that will go live Monday: a centralized system matching orders based on time and price.

Officials at the bourse are aiming to address the low volume that has troubled the venue for years, with just 227 billion yuan (US$35 billion) worth of shares changing hands last year, compared with 5.2 trillion yuan in November on the Shanghai Stock Exchange.

The move comes as authorities have said they want China to have a multi-layered capital market, and have encouraged quality companies at NEEQ to switch venues and issue shares on the two bigger bourses.

“The introduction of centralized trading is surely a step forward, but for NEEQ to truly become a public market, more work needs to be done,” wrote ChinaIPO Research Institute, a Beijing-based information and research portal for NEEQ.

Creating a group of stocks that would be subject to higher disclosure standards would be one such step, the firm said.

Some of the country’s more notable new firms are listed on NEEQ, including Guangzhou Evergrande Taobao Football Club Co., China’s first soccer stock and backed by Alibaba Group Holding Ltd., and Sinovation Ventures (Beijing) Enterprise Management Ltd., a startup incubator founded by Kai-Fu Lee, the former China head for Google.

Unlike the Shanghai and Shenzhen stock exchanges, NEEQ has an investor threshold of two years’ experience in securities investing and 5 million yuan worth of securities in assets.

Next week’s changes will bring NEEQ, known in China as the Third Board, more in line with the two major bourses. At the moment, trading at NEEQ is done through market-makers or private negotiations between traders. (SD-Agencies)

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