ChiNext urges confidence

About 28 companies listed on the ChiNext stock market, a Nasdaq-style board of Shenzhen-listed growth enterprises, said in a joint statement on Friday that more measures are necessary to restore investor confidence and ensure market stability, after the benchmark index slumped by about 30 percent in the last two weeks.

The ChiNext index declined by 1.66 percent on Friday to 2,605.28 points, with the barometer dropping by about 33 percent since June 3. The 28 firms are part of the first batch of companies that were listed on the ChiNext in October 2009 when the startup board was launched.

According to the statement published on the website of the China Securities Journal, the authorized website for ChiNext information exposure, the 28 ChiNext-listed companies said measures to strengthen communications with investors and to bolster investor confidence, as well as steps within legal means to protect shareholder interests, like using buybacks and increasing holdings, are essential to protect the stability of the stock market. Another 20 companies also released announcements saying that they will join the move to protect the stability of the stock market.