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China's new stock exchange sets investment threshold

China's new stock exchange sets investment threshold

FILE PHOTO: An investor sits in front of a board showing stock information at a brokerage office in Beijing, China, December 7, 2018. REUTERS/Thomas Peter

SHANGHAI : Individual investors qualified to trade on the Beijing Stock Exchange must have at least 500,000 yuan (US$77,459) worth of assets in their stock accounts, China's planned bourse said on Friday, setting a threshold on par with Shanghai's tech-focused STAR Market.

Meanwhile, Beijing's New Third Board, on which the Beijing Stock Exchange is based, will lower its investor threshold.

China's President Xi Jinping announced plans for a new stock exchange in the capital city of Beijing to support funding for small- and medium-sized enterprises. China's securities regulator said the planned exchange will complement two other Chinese bourses in Shanghai and Shenzhen.

The Beijing Stock Exchange published rules on its website saying individual participants must have a minimum of 500,000 yuan on average in their accounts during the 20 trading sessions before they can apply to trade. They must also have at least 24 months of experience trading securities.

The new exchange will be based on the current "select tier" of Beijing's New Third Board, which also houses companies on the "base tier" and the "innovation tier".

Operator of the New Third Board on Friday revised the investor thresholds for the "base tier" to 1 million yuan, from 1.5 million yuan previously.

(US$1 = 6.4550 Chinese yuan renminbi)

(Reporting by Samuel Shen and Steve Orlofsky)

Source: Reuters

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