(Yicai Global) Aug. 7 -- Cai Jianchun, who formerly served as the director of the China Securities Regulatory Commission’s Department of Listed Company Supervision, will take the reins as general manager of the Shanghai Stock Exchange, according to a statement appearing on the SSE’s official website today.

Cai succeeds Jiang Feng who will move to another post, the statement added.

Cai, 51 years old, became deputy director of CSRC’s Hebei branch around 2004, and then over to become deputy director of the Chinese securities watchdog’s Zhejiang office around 2012. He won promotion to director of CSRC’s Department of Corporate Bond Supervision in April 2015, and then became head of the Listed Company Supervision Department in 2018.

Cai has long worked with listed companies and believes their supervision is rooted in information disclosure, corporate governance and delisting.

The Chinese mainland’s stock market has 3,868 listed companies, whose market capitalization was CNY59.61 trillion (USD8.6 trillion) as of the end of May, Securities Times reported, adding it continued its status as world’s second-largest by market cap.

The SSE is now pushing its Nasdaq-style Star Market and piloting registration-based initial public offerings. The new board has generally operated well since opening on July 22 last year, and had 116 listed firms with an aggregate CNY2.01 trillion market cap and an average 184.5 percent collective growth rate by the end of June. Firms listing on it have cumulatively raised CNY133.2 billion (USD19.1 billion), some 40 percent of the total IPO take in China’s domestic A-share market since July last year.

Editor: Ben Armour