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. Last Updated: 07/27/2016

China Adds Tier to Stock Market

SHANGHAI, China -- China plans to launch a new second-tier stock market by early next year to help high-tech startups and private firms raise money, a senior government adviser said Monday.

Entrepreneurs have been largely barred from tapping Chinese markets by rules requiring three years of profits before they can issue stock. The markets are dominated by big state companies, while Internet and other high-tech firms rely on foreign investors.

Regulators are drafting rules for secondary boards to be added to China's two stock exchanges in Shanghai and Shenzhen, said Anthony Neoh, chief adviser to the China Securities Regulatory Commission.

The CSRC is mulling rules that may let firms on the second boards issue stock after one year of operation. The changes being considered to bring the markets in line with world standards.