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Trading will start on China's second board for start-up companies with the first batch of listings on Oct. 30, state media reported on Sunday.
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AP |
China is launching the Nasdaq-style ChiNext market in the southern city of Shenzhen, hoping it will make financing more accessible to small home-grown technology firms.
ChiNext's official launch ceremony will be on Oct. 23, but the formal listings will come a week later, Xinhua news agency reported.
So far, 28 companies, mostly in the high-tech and pharmaceutical sectors, have raised money from investors for their initial public offerings (IPOs) on the second board.
They have generated huge enthusiasm among investors, who have priced the IPO shares at an average 56.7 times their 2008 earnings, raising concerns that the market will be excessively speculative.
To ensure a successful launch of the second board, Chinese regulators have repeatedly warned investors against the risks, strengthened rules and taken a series of steps aimed at curbing speculation and preventing abuse.
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