Trading begins on new Beijing Stock Exchange

BEIJING, Nov 15 (AFP): A new Chinese stock exchange focused on SMEs began trading in Beijing on Monday, boosting support for smaller-scale firms as economic growth slows and Beijing cracks down on domestic tech giants.

More than 80 companies started trading on the Beijing Stock Exchange, which is expected to complement two main bourses in Shanghai and Shenzhen by catering to smaller enterprises, which have long faced difficulty getting funding from banks.

Chinese media reported Monday that shares of 10 newly listed companies on the exchange rose by more than 60 percent, triggering temporary suspensions.

Auto parts maker Henan Tongxin Transmission Co made the biggest gains, surging about 494 percent by the close, and media reported that the 10 new stocks rose an average of almost 200 percent from their issue prices.

But the 71 other firms migrated from an existing board posted mixed performances.