China lets insurers invest in ChiNext startups - paper
SHANGHAI Jan 8 (Reuters) - Insurance companies can now invest in firms listed on Shenzhen's ChiNext board, the China Securities Journal reported on Wednesday, a move that may help insurers diversify their revenue streams and potentially bring more stability to the NASDAQ-like startup board.
Insurers should report to the China Insurance Regulatory Commission if their holdings reach or exceed 5 percent, it said, citing a CIRC statement.
Insurers may not invest in firms listed on the ChiNext board that are under investigation by regulators or those that have been punished or censured by regulators within a year, it said.
They must also avoid companies whose financial statements have failed to win the endorsement of auditors within the past year or firms that are suspected of manipulation, it said.
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