A senior Chinese official says a proposal for a yuan-denominated “Nasdaq” in Macau has been submitted to Beijing, local media reports.
He Xiaojun, director of Guangdong’s Local Financial Supervision and Administration Bureau, said he hopes the central government would give the plan its blessing as a 20th anniversary gift, the South China Morning Post reported.
Such a hub would help develop the financial sector in Macau as part of a drive to diversify from gaming. It would also help to raise capital for high-tech companies operating in Guangdong, it said.
“We helped the Macau government to make a plan for [setting up] the stock exchange, with the aspiration to make it an offshore renminbi Nasdaq,” He, was cited as saying at a forum on Saturday.
He said the province has 45,000 hi-tech firms but only 600 Guangdong companies – not all of which are hi-tech – are listed, underscoring that the existing exchanges in Shanghai and Shenzhen could not meet the sector’s needs.