China to launch own "Nasdaq" -- GEM

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Sticking with Chinese news. The countdown has begun for China's Nasdaq-style high-tech stock market, as regulators announce the first group of companies approved for listings on the Growth Enterprise Market.

The China Securities Regulatory Commission says all the seven companies in the first group passed the review "on conditions", meaning they need to supplement more information in minor categories.

These companies, primarily in the business of software, medical equipment and medicine, will be the first to list on the Growth Enterprise Market as early as October. They are planning to raise 2.3 billion yuan or 330 million US dollars.

The CSRC will review the second group of six IPOs Friday.

And the CSRC says it has agreed to handle applications from 149 companies. Most of these companies are privately owned, technology and innovation-driven start-ups.

Chinese investors waited for more than a decade after the State Planning Commission proposed to set up the Growth Enterprise Market at the end of 1998. Preparations of the GEM stagnated when the dot.com bubble burst in 1999, breaking NASDAQ's myth. Six years later, the State Council resumed preparations for the GEM and the IPO Review Committee was finally formed on August 14th this year.

Despite the long wait, investors need to be patient as the CSRC still has many details to articulate for the GEM board.