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The establishment of the OTC exchange is now subject to a final nod from theNational Development and Reform Commission, the nation's top economic planner, said people with direct knowledge of the plan.
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Analysts believe the OTC bourse, to be sitaed in the Binhai New Area, a state-backed economic zone, will bolster Tianjin's lure as a new financial hub apart from Shanghai.
"I guess that's more or less related to political balance," said a senior stock analyst in Shanghai. "On the southern coast, we have Shenzhen as a financial center and on the eastern (coast), Shanghai. And now it's time to have a northern one."
Tianjin's OTC market will only be available to institutional investors, the sources said. Companies traded on the bourse can apply to list on the main boards if they meet the listing criteria, sources said.
"The OTC bourse in Tianjin will be open to host all domestic companies that temporarily fail to meet main-board listing requirements," said a Tianjin-based source.
The sources noted setting up the Tianjin bourse will basically complete moves to create a multi-tier equity market. Big cap firms will list in Shanghai, medium ones in Shenzhen and small firms may trade on the Tianjin OTC market, they said.
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