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China aims to build its own Nasdaq
Small companies and technology firms listed on the two minor boards within China’s Shenzhen Stock Exchange (SZSE) have outperformed the big state-owned enterprises on the main boards of both the Shenzhen and Shanghai bourses in recent months. This may be a flash in the pan – or it may indicate that at long last these enterprises are starting to overcome institutional handicaps. The question is whether China can develop its exchanges into genuine capital markets that will allow these innovative firms to expand further.