The National Equities Exchange and Quotations. Photo: Neeq.com.cn

China’s National Equities Exchange and Quotations (NEEQ), also known as the “new third board,” has seen a turnover of more than 83.7 billion yuan (US$12 billion) so far this year.

Launched in 2013, the NEEQ intends to offer small and medium-sized enterprises a new financing channel with low costs and simple listing procedures. As of last Friday, 8,456 companies have been listed on the NEEQ.

China has outlined a series of reforms to better orient the NEEQ to the needs and features of small enterprises, and support the quality growth of the real economy.

Meanwhile, the listing ceremony of 18 enterprises was held under the registration-based system of the Shenzhen Stock Exchange (SZSE)’s ChiNext board, or so-called China’s Nasdaq, on Monday, according to the China Securities Regulatory Commission (CSRC).

SZSE said it will continue to do well reforming the registration-based listing process, and work with market participants to promote a steady reform of the ChiNext Board.

The Shenzhen bourse will also enhance the capability to serve startups and innovation-oriented enterprises, better serve the national strategy of innovative development, and facilitate high-quality economic development.

Market liquidity

The People’s Bank of China (PBoC) on Monday continued to pump cash into the banking system via reverse repos to maintain liquidity.

The PBoC injected 100 billion yuan into the market through seven-day reverse repos at an interest rate of 2.2%, and 60 billion yuan through 14-day reverse repos at an interest rate of 2.35%, according to the central bank website.

The move was intended to maintain reasonable and ample liquidity in the banking system, the central bank said. A total of 50 billion yuan of reverse repos matured Monday.

Insurance assets management

China’s insurance assets management companies (AMCs) registered 192 debt and equity investment plans valued at more than 357.15 billion yuan in the first seven months of this year, official data showed.

Among the total, 140 were registered for infrastructure investment with a fund size of 287.78 billion yuan, according to the Insurance Asset Management Association of China.

A total of 48 plans were established for real estate investment with a fund size of 61.95 billion yuan in the January-July period, the association said.

Meanwhile, insurance AMCs set up four equity investment plans worth 7.42 billion yuan during the same period. As of the end of July, 1,503 debt and equity investment plans were established with a fund size totaling 3.35 trillion yuan, according to the association. 

Company news

China Pacific Insurance (Group), one of the country’s leading insurers, reported a year-on-year net profit decline of 12% in the first half of this year.

The company reported a net profit of 14.24 billion yuan with earnings per share standing at 1.57 yuan for the period. Operating revenue rose 6.8% year-on-year to 235.5 billion yuan.

The stories were written by Xu Jiangshan and Liu Licong and first published at ATimesCN.com. They were translated by Nadeem Xu.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.