China to launch Nasdaq-style board in late October
China will launch its long-awaited Nasdaq-style ChiNext board in Shenzhen at the end of October, state media reported Monday.
A new round of firms seeking to list on the board will publish their prospectuses for initial public offerings after the week-long National Day holiday, which ends on October 8, the official Securities Times reported.
These firms, along with 19 companies that have already released their prospectuses, will make their debut on the board in the last 10 days of October, the newspaper said, citing an unnamed "authoritative" source.
Regulators hope the new market will help fuel start-ups and other companies with high-growth potential in the world's third-largest economy, following the example of Wall Street's Nasdaq.
But there have also been worries that the new board, which attracted strong interest from investors, may be diverting funds from the main boards and drag down stock prices.
The first batch of 10 firms, which set their IPO prices and took subscriptions last week, aim to raise up to 6.68 billion yuan (977.5 million dollars) -- more than double the 3.16 billion previously planned.
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