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China securities regulator says no change to ChiNext listings
[SHANGHAI] China's securities regulator said on Friday there will be no change to the Nasdaq-style board ChiNext listing process, a day after speculation a new registration system would be introduced helped trigger a slide of over 6 per cent in the main stock index.
Earlier in the week, rumours circulated among market insiders that the Shenzhen-based ChiNext would halt listings from March 1, making way for a new registration process. Currently, firms have to gain regulator approval to list on both the Shanghai and Shenzhen stock exchanges.
Traders speculated that the main board and another Shenzhen-based market, the small and medium enterprise board, would not be affected. "We strongly condemn these irresponsible and false rumours," said the China Securities Regulatory Commission (CSRC) in a question and answer posted on its official website on Friday.
The CSRC said there were no immediate plans to change the ChiNext listing approval system to a registration-based one.
China's main Shanghai Composite Index tumbled 6.4 per cent on Thursday, posting their biggest one-day loss in a month, hit by rumours including those about the ChiNext market and as investors booked profits after the market's recent rebound.