Money

Consultative committee set up for ChiNext board

(Xinhua)
Updated: 2010-11-01 11:17

SHENZHEN - China on Friday established a consultative committee comprised of 15 experts to push forward the reform and development of the country's Nasdaq-style ChiNext board, which opened one year ago.

Speaking at an industrial conference in Shenzhen in south China's Guangdong province, Shang Fulin, chief of the nation's securities regulator, said Friday the establishment of the committee will promote the board's stable and healthy development.

The ChiNext is a fund-raising channel for fast-growing small- and medium-sized high-technology companies.

It opened on Oct 30, 2009, with 28 companies debuting on the Shenzhen-based board.

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Shang Fulin, head of the China Securities Regulatory Commission, urged companies listed on the ChiNext to improve their competence and standardize their operations as ChiNext's success lies in the quality of its listed companies.

The experts and academics on the committee are from a wide range of fields including energy, aeronautics, semiconductors, food science and nutrition, and patent protection.

The Shenzhen Stock Exchange (SSE) launched the ChiNext Index on June 1. It gained 25.9 points, or 2.49 percent, to close at 1,064.52 on Friday.

So far, 134 companies have listed on ChiNext. The companies' combined capitalization is almost 600 billion yuan ($89 billion).