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Businesses hesitate to list on UpCom, why?   2009-04-21 - VietNamNet/TBKTVN

Nguyen Vu Quang Trung, Deputy General Director of the Hanoi Securities Trading Centre (HASTC), said that right after Decision 55 was promulgated on April 15, 2009, HASTC kicked off the organisation of UpCom market.


Nguyen Vu Quang Trung, Deputy General Director of the Hanoi Securities Trading Centre (HASTC)

With the promulgation of Decision 55, the last obstacle for the opening of UpCom market has been removed. Answering a question about the exact date when UpCom market would become officially operational, Trung said that Decision 55 would take effect on June 1, 2009, and UpCom market would be operational one or two weeks later.


How far has the preparation for the market's operation been going?


The system has been tested and has been operating in a stable way. We are going to move to No 81 Tran Hung Dao street. Therefore, it will take some one or two weeks for the transaction network to run tests again with securities companies.


As for the commodities for the market, HASTC plans to have meetings with public companies to persuade them to put their shares into transaction at UpCom.


Regarding the market's members, in principle, all securities companies which are members of HASTC will be members of UpCom. However, as the UpCom market does not have trading floors, only securities companies which can make remote transactions can join the market.


To date, HASTC has 90 member securities companies.


How many enterprises do you think will register to put shares into transaction at UpCom?


We are not sure how many enterprises will have their shares transacted on UpCom market. We hope that there will be 10-15 companies register to join the market once the market becomes operational.


The main source of commodities for the market will be the share items now being transacted on the OTC market. These are the items of companies which have been managing shareholders’ books well, and well understand the stock market. These prove to be the most potential enterprises.


What about the list of 10 enterprises, which includes eight banks and securities companies, which registered to join the market before?


The list was made one year ago, and there have been changes with the list due to the difficulties of the national economy and falling stock markets. The list once included 12-13 enterprises, but some of them have listed on the official bourses already, while others have reconsidered joining due to the new circumstances in the stock market.


Why do you think businesses hesitate to join UpCom?


When persuading companies to put shares into transaction on UpCom, we found out that many of them still hesitate to join the market for some reasons, especially because their knowledge about the stock market remains limited. If companies put their shares into transaction on UpCom they need to have financial systems good enough to be audited.

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