January 30, 2019 / 2:12 PM / 5 months ago

Shanghai Stock Exchange says to widen daily trading limits for new tech board

HONG KONG, Jan 30 (Reuters) - The Shanghai Stock Exchange said on Wednesday it will widen the daily trading limits of stocks listed on its planned Nasdaq-style start-up technology board to allow for more trading flexibility for newly listed companies.

Stocks on the new board will be allowed to rise or fall by 20 percent each day before trading is halted, instead of the 10 percent allowed for current stocks listed in Shanghai and Shenzhen.

There will also be no daily limits for the first five trading days of newly listed stocks on the new board, the Shanghai Stock Exchange said in a document published on its website.

Earlier on Wednesday, the China Securities Regulatory Commission published draft rules for the new board, potentially competing with Hong Kong and New York for listings of tech firms. (Reporting by Lee Chyen Yee in Singapore and Meg Shen in Hong Kong; Editing by Alison Williams)

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