Politics
China to strengthen surveillance of Nasdaq-like star market
By Jiahui Huang
China's securities regulator plans to strengthen supervision of companies listed on Star Market, the country's Nasdaq-like technology board, as part of reform measures aimed at containing market volatility.
The China Securities Regulatory Commission announced Wednesday that it will strengthen supervision of all companies listed on the Shanghai Science and Technology Board, or Star Market, of the Shanghai Stock Exchange.
The regulator said it would prioritize supporting companies with innovative and cutting-edge technologies when registering for the board.
The CSRC acknowledged that some technology companies are not yet profitable due to high spending on research and development, and said it would keep the door open for companies that fit under the president's “new productive forces” Xi Jinping to enter the stock market.
The regulator also said it would increase mergers and acquisitions support for companies listed on the technology board and encourage companies to consolidate within their supply chain.
The new measures were released after CSRC Chairman Wu Qing flagged the upcoming reforms during his opening speech at the annual Lujiazui Financial Forum on Wednesday morning in Shanghai. The CSRC's recent measures have focused on reining in financial market volatility after Wu took over as head of the regulator in February.
Chinese stock markets have faced high volatility since the start of the year. Wu was appointed to his position shortly after the benchmark Shanghai Composite Index fell below the key level of 2,800 in January.
Since then, the CSRC has introduced measures to strengthen market stability, including strengthening supervision and tightening rules on quantitative trading.
The measures detailed by the CSRC on Wednesday are largely in line with the State Council's stock market guidelines issued in April, which aim to combat volatility and encourage listed companies to declare dividends to boost investor confidence.
Chinese markets recovered slightly from years of decline after the country's economic growth in the first quarter exceeded expectations.
However, the benchmark Shanghai Composite remains a laggard among regional stock indices, and is up 1.45% year-to-date after falling more than 11% in 2023.
The Star Market 50 index closed down 0.7% on Wednesday, while the CSI300 index fell 0.5%.
Write to Jiahui Huang at [email protected]
(END) Dow Jones Newswires
June 19, 2024 at 5:11 a.m. ET (09:11 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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