Page 68 - Doing Business in China

LISTING IN CHINA AND SINGAPORE

LISTING IN CHINA

Mainland China has three stock exchanges that are located in Shanghai (‘SSE’, opened in December 1990),
Shenzhen (‘SZSE’, opened in July 1991) and Beijing (‘BSE’, opened in November 2021)� All exchanges are governed
by the China Securities Regulatory Commission (‘CSRC’)�

MAINBOARD AND SME BOARD
The Mainboard is designed for big companies that intend to raise large amounts of public funds� Separately, the
Small and Medium Enterprise Board (‘SME Board’) adopts the same listing requirements as the Mainboard, while
targeting small and medium-sized companies� In February 2021, CSRC approved the merger of the Main Board
and SME Board of SZSE� In April, approved by CSRC, the main board and SME board of SZSE merged, and the total
market value after the merger exceeded 20 trillion�

SECOND BOARD
In 2009, the Growth Enterprise Board (‘Second Board’) was launched in the Shenzhen Stock Exchange� It serves
as a new direct financing platform for innovative companies�

NEW THIRD BOARD
Inaugurated on 16 January 2013, the National Equities Exchange and Quotations (‘NEEQ’) system, also known as
the New Third Board, serves as China’s ‘over the counter’ (‘OTC’) market� Trading takes place on an OTC basis,
which means transactions happen directly between participants rather than via an exchange� Compared with the
Mainboard and Second Board, it attracts many start-ups�

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