The Shanghai Stamp, Coin and Card Exchange Corp officially opens on Monday. (Photo: Xinmin Evening News)
(ECNS) – The Shanghai Stamp, Coin and Card Exchange Corp officially opened on Monday, becoming China's first electronic trading service platform for such collections, the China securities Journal reported.
Analysts said the new platform could unleash wealth worth 600 billion yuan ($97.2 billion) into the market.
China has 62 brick-and-mortar trading centers and 21 online platforms for stamps, coins, and magnetic cards. The total size of the market is about 500 billion ($81 billion) to 600 billion yuan, but its annual turnover is only about 20 billion ($3.24 billion) to 25 billion yuan ($4.05 billion).
The exchange is a wealth-shift platform to revitalize collectors' stored assets, said Xu Zhibin, the center's general manager.
The trading center will develop into a comprehensive trading platform, opening its door to collectors, investors, and collection hobbyists, according to the development plan. It will provide a variety of investments with the help of modern financial instruments. In regard to the difficulty of storing and circulating the collections, it will provide daily trusteeship and trade services, which will extend to the finance and information areas.
It aims to provide an integrated and healthy trading market for collections, and guarantee sustainable development, Xu added.
The exchange is a state-controlled hybrid corporation, jointly funded by the Shanghai Post Industrial Development Corporation, Beijing Xinhua Financial Information Exchange Center Co. Ltd., and Shanghai Zhen Ying Investment Co. Ltd. It is the first authoritative state-backed trading platform for stamps, coins and cards.
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