China’s over-the-counter trading platform will start to offer corporate bonds, convertible bonds and preferred shares this year to give listed firms more choices to raise money, China Securities Journal reported Friday, citing Yang Xiaojia, chairman of the National Equities Exchange and Quotations, operator of the exchange. The move is part of plans to fine-tune the market mechanism of the so-called New Third Board, speed up innovation and improve services for small companies across the board. Brokerages and fund houses will be encouraged to offer products for general investors, Yang was quoted as saying. There were 642 listed companies on the OTC market as of Thursday, up 80 percent from the end of 2013, with a combined market value of 125.5 billion yuan (US$20.62 billion), up 127 percent. Yang said the number could exceed 1,000 by the end of the year. Trading accounts hit 12,347 as of end-January, up 28.2 percent from end-2013, the report said.
– Contact HKEJ at [email protected]