China will roll out a strategic emerging industry board next year to better serve domestic high-growth and innovative enterprises, a senior official with the country's securities watchdog said Friday.
The government and the Shanghai Stock Exchange are discussing the general mechanism and specific rules of the new board to make sure it can draw experiences and learn lessons from the ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, in listing requirements, trading system and sustainable supervision, and carry out system innovation, with respective emphasis for moderate competition, according to Huo Da, director with the market department with the China Securities Regulatory Commission.
Establishment of the new board will see concrete progress next year as China works on transforming its IPO approval system into one based on registration, Huo said.
The State Council announced Wednesday that it supports the development of direct financing to reduce production costs for enterprises.
