The proposed growth board, which has been in the pipeline for
ten years and designed for high-growth, start-up firms to conduct
public listings to raise funds for expansion, is unlikely to be
launched this year, an official from the China Securities
Regulatory Committee (CSRC) told the China Business
News.
"It will be next year at the earliest," said the official.
The move is regarded as an important step to create a
multi-layer capital market in China.
The CSRC has held several meetings recently to solicit opinions
on regulations on the growth board. The most-argued issue concerns
profit and revenue thresholds needed to allow start-up companies to
sell public shares.
Companies must post a cumulative profit of at least 10 million
yuan for the past three years and at least 5 million yuan for the
latest financial year, proposed Wang Shouren, Secretary of Shenzhen
Venture Capital Association.
Wang also called for stricter information disclosure rules for
the new board than that for the existing Small and Medium-sized
Enterprise Board and suggested increasing the liabilities of
applicant recommenders.
For more details, please?read the full story in Chinese (
http://www.china-cbn.com/s/n/000002/20071025/020000058500.shtml).
(China.org.cn October 25, 2007)
