(Yicai Global) July 29 -- China’s mainland stock exchanges announced that they will exempt listed companies registered in Henan from paying bourse-related fees to help support the rain-deluged province’s recovery.

The Shanghai and Shenzhen bourses will implement new rules that waive initial public offering fees, annual charges and other dues for such companies this year, according to statements they released yesterday.

More than 30 firms will benefit. Those listed on the Shanghai Stock Exchange’s main board alone will benefit by CNY1.7 million (USD261,970), the SSE said. It will also arrange refunds for those businesses that have already paid initial or annual listing fees this year.

The Shenzhen Stock Exchange will set up a ‘green channel’ to review and issue bonds and asset-backed securities whose funds are used in the disaster control and rebuilding of companies affected by the floods, an official said. It will also extend the time limit on the issuance procedure of such products.

Shanghai’s bourse said it is still in the process of understanding the disaster’s impact on listed companies. Following that, it will formulate an emergency plan to guarantee that all firms can fulfill the obligation to disclose information. Its main board and Nasdaq-like Star board have also donated CNY10 million (USD1.54 million) each to help Henan after the disaster.

Many of the Henan-listed firms were severely impacted by heavy rainfalls. Zhengzhou Coal and Electric said on July 27 that five out of six mine shafts had not yet resumed production. Henan Taloph Pharmaceutical noted on July 23 that it did not buy insurance for the two plants in Gongyi and Zhengzhou that were hit by the disaster.

Editor: Futura Costaglione