The Beijing Stock Exchange (BSE) was officially launched Monday with 81 firms, only 75 days after its September announcement, hailed as a milestone in China’s A-share market that’s now in its early 30s.
A short opening ceremony was held inside the BSE building at the heart of the Beijing financial street Monday morning, at which senior capital market officials sent resounding measures about the new exchange, a major platform to serve innovation-centric smaller businesses.
Yi Huiman, chairman of the China Securities Regulatory Commission, and Cai Qi, the Party chief of Beijing, unveiled the new exchange and rang the BSE opening bell.
The initial 81 BSE shares mostly opened higher, with gains of as much as 282.28 percent at the opening before widening further. Tongxin Transmission, a manufacturer of automotive steering shafts based in Central China’s Henan Province, led the surge with a rally of over 500 percent intraday.
The BSE launch marked another milestone in the reform and development of China’s capital market, Yi said during the opening ceremony, hailing the move as a major policy decision to drive quality development, ramp up the financial support for small- and medium-sized enterprises (SMEs) and push for innovation-driven development and the economy’s rebalancing and upgrading.
The vitality of the BSE lies at distinctiveness, meaning that the exchange is poised to become a major platform for innovation-focused SMEs, Xu Ming, the new exchange’s chairman, said during the BSE’s opening ceremony.
Xu vowed to improve the BSE’s policy, institutional and services systems to make it more tolerant, precise, innovative, and vibrant.
In a sign of high anticipation, many journalists and investors were seen waiting across the road from the BSE building prior to the official launch ceremony, and roughly 50 representatives from various institutions and companies attended the ceremony, according to the Global Times’ on-site observation.
Global Times
