(SCMP) Xu Ming has been appointed to head the Beijing Stock Exchange, which was created to cater to small and medium-sized enterprises.
Xu has worked at the China Securities Regulatory Commission and the Shanghai Stock Exchange for ten years and seven years, respectively.
In the National Equities Exchange and Quotations’ proposal, 66 companies in its ‘select’ tier having a value of 186 billion yuan will move to the new exchange.
Companies seeking to list at the new exchange must have at least 200 million yuan in net capitalization and a minimum net profit of 25 million yuan in the prior year.
Newly registered firms must have a net cap of 400m-1.5 billion yuan.
A newly-listed firm’s price will have no cap on price movements on the first day, but a limit of 30% would apply thereafter daily.
NEEQ is the only stakeholder at the new exchange and has a stake of 1 billion yuan or US$154.96 million.
SSE Composite Index is up +1.51%, USDCNY is up +0.06%.
