中国创业板市场外文翻译（已处理）.doc

中国创业板市场外文翻译 Chinas Second Board I. Significance of and events leading to the establishment of a Second Board On 31 March 2009 the China Securities Regulatory Commission CSRC issued Interim Measures on the Administration of Initial Public Offerings and Listings of Shares on the ChiNext [i.e., the Second Board, also called the Growth Enterprise Market] Interim Measures, which came into force on 1 May 2009. This marked the creation by the Shenzhen Stock Exchange of the long-awaited market for venture businesses. As the original plan to establish such a market in 2001 had come to nothing when the dotcom bubble burst, the markets final opening came after a delay of nearly 10 years. Ever since the 1980s, when the Chinese government began to foster the development of science and technology, venture capital has been seen in China as a means of supporting the development of high-tech companies financially. The aim, as can be seen from the name of the 1996 Law of the Peoples Republic of China on Promoting the Conversion of Scientific and Technological Findings into Productivity ,was to support the commercialization of scientific and technological developments. Venture capital funds developed gradually in the late 1990s, and between then and 2000 it looked increasingly likely that a Second Board would be established. When the CSRC published a draft plan for this in September 2000, the stage was set. However, when the dotcom bubble and especially the NASDAQ bubble burst, this plan was shelved. Also, Chinese investors and venture capitalists were probably not quite ready for such a move. As a result, Chinese venture businesses sought to list on overseas markets a so-called red chip listing from the late 1990s. However, as these listings increased, so did the criticism that valuable Chinese assets were being siphoned overseas.On the policy front, in 2004 the State Council published Some Opinions on Reform, Opening and Steady Growth of Capital Markets the Nine Opin