Shanghai bourse to step up efforts to attract foreign capital
The Shanghai Stock Exchange said on Thursday it would step up efforts to lure foreign capital and flotations from quality overseas-listed companies, vowing to pursue reforms and opening up of...
The exchange also said in a statement that capital markets should fully play their role in stabilizing the real estate market, and aid the development of China's digital economy. It made the statement after holding an internal meeting to study the "spirit" of the Central Economic Work Conference held early this month, where China's top leaders vowed to stabilize the economy. It also came a day after China's securities watchdog said it would open markets further, improve the quality of listed companies, and safeguard market stability.
The Shanghai Stock Exchange said on Thursday that it will strengthen cooperation with key global markets, and attract overseas-listed companies to issue so-called Chinese Depository Receipts (CDRs) on the bourse. China this year expanded the cross-border Shanghai-London Stock Connect scheme to include Switzerland and Frankfurt, allowing China-listed companies to issue shares in these markets. Foreign companies listed in these markets can also sell CDRs in China.
The bourse also said it would let market forces play a bigger role in allocating resources, but regulators have "zero tolerance" toward illegal activities such as insider trading and market manipulation. In addition, the exchange will step up risk monitoring and analysis, to ensure smooth operation of the market. (Reporting by Samuel Shen and Brenda Goh; Editing by Emelia Sithole-Matarise)