No longer content to just be the home to China’s smaller listed companies, the Shenzhen Stock Exchange said Thursday that it plans to take on it’s larger rival in Shanghai by resuming the launch of initial public offerings by blue-chip firms next year

Under the Chinese government’s current arrangement blue chip companies trade on the Shanghai Stock Exchange, while start-ups and small companies list on the Shenzhen exchange. Shenzhen stopped listing large companies in 2004 to avoid direct competition with Shanghai.

It appears the guys running the Shenzhen market are a little miffed at last week’s announcement by China’s State Council that it plans to launch a strategic industries board on the Shanghai Stock Exchange. This new board would potentially compete with Shenzhen for smaller listing candidates.

In response, the Shenzhen exchange released a statement Thursday that said it plans to “resume IPOs on the main board, in a bid to aid restructuring in state-owned enterprises, and cultivate more blue-chip firms.”

It was not clear whether such a plan has been submitted to the central government, or whether approval has been obtained. The Shenzhen Exchange could not be immediately contacted for comment, reported Reuters.

The exchange also said it will seek to launch the Shenzhen-Hong Kong Stock Connect “as soon as possible.” Rival Shanghai Stock Exchange launched a similar cross-border equities investment scheme, the Shanghai-Hong Kong Stock Connect, more than a year ago.

The Shenzhen exchange also plans to launch options products based on certain indexes, and is studying the launch of cross-broader fixed-income products, Reuters reported.

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