The trading floor of the Shanghai Stock Exchange in Shanghai Photo: CFP
The Shanghai Stock Exchange (SSE) and its subsidiaries have announced waiving of fees in 2022, according to a notice published by the SSE on Saturday night, representing the greatest level of support offered to listed companies since the outbreak of the coronavirus pandemic in early 2020.
The move is aimed at supporting the development of the real economy, stimulating the vitality of market players while reducing market costs, the exchange said, which is estimate to reduce 80 million yuan ($12.6 million) in fees for listed companies, market observers noted.
According to the notice, the SSE will waive initial and annual listing fees for 2022 for listed companies with inventory and incremental stocks in Shanghai. Some service fees including for 2022 Annual CA certificates will also be removed.
Moreover, the SSE and its subsidiaries will arrange refunds for those who have previously paid those fees.
The move came after China's top financial watchdog pledged to bolster steady economic growth and capital market development in a high-note meeting convened on March 16.
The meeting said that the central government should introduce beneficial policies to shore up the equities market, while communicating with supervisory department in advance with new policies which may impact the capital market.
Since this year, the SSE has waived fees for listed companies in areas most impacted by the virus including Northwest China's Shannxi Province, East China's Shandong Province, and Northeast China's Jilin Province.
Entering 2022, the exchange has reduced the fees of various market players totaling 120 million yuan.
