上海建立场外交易市场 以促进中小企业融资

Shanghai established its first over-the-counter trading platform for small high-tech companies to gain financial backing and for individual investors to make some money. And all of this without the higher requirements for listing on one of the major stock markets. How does it work and what does it mean?
上海建立了首个场外交易平台，帮助高科技公司获得金融支持，帮助个体投资挣钱。所有这些都没有在任何一个主要股票市场上市的高要求。它是如何运作的？有意味着什么呢？

Ling Kaili’s phone is busy these days. His 7 year-old company, Zhongjia MRO, suddenly became a hot investment item a week ago. His company maintains and repairs aviation electronics. What set off Mr. Ling’s telephone was his company’s listing, not on a regular stock market, but on the new Shanghai Equity Exchange. A lot of people, it seems, want a share of Zhongjia.
这些天，凌凯礼的电话很忙。他那创办七年的公司，上海中加飞机机载设备维修有限公司，一个星期前突然成为一个投资热点。他的公司是维修航空电子设备的。让凌先生的手机响的是他的公司在新的上海产权交易所上市，而不是在常规的股票市场上市。似乎很多人想要买中加的股票。

Ling said: "We got over ten million Yuan after our first-round private placement, and we’re looking at a merger or an acquisition of a similar business. That’s what we want to get ready for, with another private placement. "
凌表示：“在第一轮的私募发行之后，我们募得1000多万元，我们正在考虑并购类似的企业。这是我们通过另一轮的私募发行需要准备的。”

Helping Mr. Ling and people like him is the whole point of the new OTC market. It was co-founded by Zhangjiang Hi-tech Park Development, Shanghai United Assets and Equity Exchange and the Shanghai International Group, with 80 million Yuan registered capital. It began trading February 15th this year, with 19 companies listed. 16 of those companies are from the city’s high-tech Parks.
帮助凌先生和像他这样的人是新的场外交易市场的全部意义。它是由上海张江高科技园区开发股份有限公司、上海联合产权交易所以及上海国际集团联合创办的，注册资本为8000万元。今年2月15日开始交易，有19间上市公司。其中的16间公司是来自该市的高科技园区。

Zhang said: "We are being very strict during our startup period. Companies have to convince us their business is good and sustainable. They also should be working in one of the country’s strategic new industries."
张表示：“开始时，我们非常严格。公司必须让我们相信他们的业务良好、可持续。他们还应该从事我国的战略性新兴产业。”

Reporter: "China has 50 million small- and medium-sized companies, which often share a common problem. While they account for some 60 percent of China’s gross domestic product, the country’s banking system gives them less than 20 percent of its loans. The companies are often young and dynamic, but they are short of cash to expand."
记者：“中国拥有5000万家中小型企业，它们经常都有一个共同的问题。虽然它们占了中国国内生产总值的60%，但是中国的银行系统给予它们的贷款少于20%。这些公司常常是一些年轻的、有活力的公司，但是它们缺少现金去扩展。”

There is a stock exchange to serve them, Chinext, but it has listed fewer than 300 companies since its establishment two years ago. The new OTC market, however, has much lower requirements, though listed companies are investigated thoroughly. Mr. Ling and his company finished the listing process within three months, and in fact he says he appreciates the thoroughness of the investigation. And having done that, Mr. Ling quickly took in millions of Yuan from private equity investors. And for the first time he’s now getting similar amounts in bank credit.
有一个证券交易所是为它们服务的，这就是中国创业板，但是自从两年前成立以来，在中国创业板上市的公司少于300家。然而，新的场外交易市场的要求更低，虽然上市公司都要接受彻底调查。凌先生和他的公司在三个月内完成了上市过程，事实上，他说他感谢这种彻底调查。调查完成之后，凌先生很快从私人股本投资者那里获得几百万元。他第一次获得与银行贷款额差不多的钱。

Ling said: "The Bank of Hangzhou found us via the platform. They helped us set up a line of credit. It was a great help. "
凌称：“杭州银行通过这个平台找到我们。他们帮我们建立了信用额度。这非常有帮助。”

Ling says he will try to move his company from the OTC market to the Chinext in Shenzhen, within 2 years. As important as the China OTC market may turn out to be for more small companies to find the money they need to develop, everyone should keep in mind that it’s still small and only beginning to develop. In the U.S., for example, OTC trading accounts for three-quarters of the country’s securities transactions, but in China OTC market trades come to far less than one percent of all A-share trades.
凌表示，他将尝试在两年内将他的公司从场外交易市场专业到深圳的中国创业板。对寻求需要的发展资金的小型企业而言，中国场外交易市场是一样重要的，每个人都应该记住，它还很小，只开始发展。例如，在美国，场外交易占了美国证券交易的四分之三，但是在中国，场外交易市场占所有的A股交易的不到1%。