China's "new third board" sees uptick in market making business: newspaper

0 Comment(s)Print E-mail Xinhua, November 07, 2019
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BEIJING, Nov. 7 (Xinhua) -- China's "new third board" reported rising market making in the first three quarters of 2019 with newly listed firms posting higher growth potential and profitability, the Shanghai Securities reported Thursday.

The latest data showed the National Equities Exchange and Quotations (NEEQ), known as the "new third board," saw its daily turnover of market making rise by 42.19 percent year on year to average 151 million yuan (about 21.52 million U.S. dollars) despite the drop in the market's overall turnover.

The NEEQ obtained funds of 22.15 billion yuan during the nine-month period, down 53.47 percent from a year ago, said the paper.

Senior analysts attributed the increase in market making to the rising vibrancy of stocks related to the sci-tech innovation sector, according to the paper.

In the first three quarters of this year, a total of 954 stocks were traded via market making, of which only 20 were of sci-tech innovation stocks, yet their turnover accounted for 52.12 percent of the total.

Manufacturing enterprises took the lion's share among the 212 firms listed on the board in the first three quarters. Specifically, the proportion of high-tech manufacturing increased by 3.25 percent year on year, indicating strong growth potential. Enditem

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