Over the Counter Stock Exchange Opened in Qianhai
To mark a step forward in the city’s plans for financial reform and innovation, an over the counter stock exchange was opened in Qianhai. During the opening ceremony a plaque for the Qianhai Equity Exchange was unveiled with 39 local companies signing agreements to allow their shares to be traded on the exchange.
The exchange will provide financial services for Guangdong companies’ equities that are not listed on the Shenzhen and Shanghai stock exchange. The exchange will assist the non-listed companies with registration, shares custody, capital raising, clearance, trading, settlement and other financial services. This will help the non-listed companies to be listed in the Shenzhen and Shanghai stock exchange. Non-listed companies that are planning to enter the exchange must first subject themselves to a series of requirements which includes a requirement of no having more than 200 shareholders.
The vice governor of Guangdong Province Chen Yunxian hopes that the establishment of the Qianhai exchange taps into the special economic zone policies. With the amount of small and medium enterprises in Shenzhen along with Qianhai’s proximity to Hong Kong is enough to cover exchanges covering South China while strengthening Shenzhen’s status as a major financial center.
The establishment of the Qianhai Equity Exchange is one of Shenzhen’s efforts in creating a new type of over the counter exchange intended to make the 15 square meter Qianhai are into the Manhattan of the Pearl River Delta.