(Yicai Global) June 21 -- The Shanghai Equity Exchange, an over-the-counter market, was not only able to keep operating as usual during the recent resurgence of Covid-19 in the city, but was also able to step up financing support for micro, small and medium-sized enterprises to help them get through the hard times.

There were 12 new listings on the Shanghai Equity Exchange over the two-month lockdown that ended June 1, General Manager Zhang Yunfeng told Yicai Global. The bourse accepted 27 listing and financing applications, released 741 corporate information disclosures and conducted 232 self-regulatory exercises.

The Shanghai Equity Exchange has strengthened support for small private businesses in the retail, hospitality, catering, tourism, foreign trade, logistics and manufacturing sectors that were badly hit by the outbreaks, by helping to connect them with investment opportunities such as through road shows, assisting them to issue special pandemic bonds and simplifying approval procedures, Zhang said.

Shanghai Pearl Hydrogen Energy Technology, which makes hydrogen fuel-cell systems, started to experience cash flow problems during the latest wave of Covid-19, which interrupted its financing plans. The Shanghai Equity Exchange was able to connect the company with over 10 investment firms to complete an online B-round of financing, Pearl Hydrogen General Manager Dong Hui told Yicai Global.

The Shanghai Equity Exchange has also made it slightly easier for companies to list by relaxing the time limit for application reviews and the return of signed documents, Zhang said. It has permitted a delay in the submission of annual financial reports from businesses affected by the outbreaks. And it has cut the application and financing fees for firms that are involved in Covid-19 prevention and control work.

The Shanghai Equity Exchange, which started to pilot private equity fund trades in December last year, completed three fund share listings and two fund share transactions during the latest outbreak. Since last December, eight funds have been listed, five of which are traded, with transaction amounts of CNY840 million (USD125.6 million).

The bourse is also working with the Shanghai Stock Exchange and Beijing’s National Equities Exchange and Quotations to try to establish connections between both markets and provide more financing options for companies, Yicai Global learned.

Editors: Dou Shicong, Kim Taylor