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Shanghai launches OTC equity exchange

07-21-2010 13:39 BJT

An over-the-counter equity exchange for non-listed companies has been inaugurated in Shanghai, marking the first step in the city's efforts to build the nation's largest OTC market. OTC trading is the exchange of financial instruments such as stocks, bonds, commodities directly between two parties. Haidi Lun explains.

Shanghai's over-the-counter equity exchange will serve non-listed companies in the Yangtze River Delta. And it will help start-up firms in the region to raise money. The bourse will be gradually expanded to become a national exchange, to promote high-tech firms and increase industry upgrades. Its one of the initiatives set up by the State Council, aimed at developing Shanghai into a global financial hub by 2020.

Tu Guangshao, Vice Mayor of Shanghai said "The OTC market is one of the key elements of building China's multi-layered market system. And it will benefit businesses a lot."

The OTC equity exchange is invested by Shanghai United Assets and Equity Exchange, state-owned Shanghai International Group and Shanghai Zhangjiang Hi-Tech Park Development.

China's increasingly sophisticated capital market now comprises the Shanghai Stock Exchange, Shenzhen Stock Exchange, Growth Enterprise Market and the share transfer system for non-listed companies.

Editor:Xiong Qu |Source: CNTV.CN

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