Shanghai launches OTC market
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An over-the counter (OTC) equity bourse was inaugurated in Shanghai Monday, marking the first step in the city's effort to forge the nation's largest OTC market, Shanghai Securities News reported.
The equity exchange, which will mainly serve non-listed companies in the Yangtze River Delta, has a total registered capital of 80 million yuan ($11.8 million). Shanghai United Assets and Equity Exchange, a comprehensive platform for assets and equity transactions, has pledged 50 percent of the investment, financial conglomerate Shanghai International Group 30 percent, and Shanghai Zhangjiang Hi-Tech Park Development Co 20 percent, the report said.
The new bourse is set to be registered in the Zhangjiang Hi-Tech Park, the paper said.
The Binhai New Area of north China's Tianjin has set up the country's first OTC market. Other Chinese cities, including Beijing, Chongqing, Shenzhen and Wuhan have all vowed to launch OTC markets in the future.
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