On September 2nd Xi Jinping, China’s president, announced that a new stock exchange will be launched in Beijing, joining existing markets in Shanghai and Shenzhen. It is hoped that the bourse, a revamp of an over-the-counter exchange called the New Third Board, will channel capital from professional investors to fast-growing small and mid-sized firms.
This is not the first time Mr Xi has backed a new stock exchange aimed at innovative companies: Shanghai’smarket opened in 2019, advertising relaxed rules that help accelerate fundraising for smaller firms. Domestic listings appear to be thriving. Shanghai will bag two of the world’s largest initial public offerings of the year, those of China Telecom, a state-owned communications company, and Syngenta, a state agrochemical giant.
The emphasis on domestic fundraising fits snugly into China’s strategy of “dual circulation”, the cornerstone of the country’s latest five-year plan, which aims to bolster domestic markets and reduce reliance on foreign ones, often on national-security grounds. It also offsets the worsening environment for overseas listings.
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