Some Chinese stocks briefly surge 30% as investors bet on a new Beijing exchange opening

This pool of 66 select stocks all rose in Monday afternoon trading, with nearly a third briefly climbing about 30%. Only five of the companies have market capitalizations of more than $1 billion. Daily trading volume per stock was in the millions of yuan on Monday, compared with hundreds of millions of yuan for the largest stocks traded on the mainland.

The Beijing exchange's launch date has not been announced yet. Authorities are gathering public comment on rules for the new trading venuePlans for the Beijing exchange mark Chinese authorities' latest attempt to improve the ability of the local stock market to serve as a financing channel for companies.

The mainland's slow IPO-approval system and high earnings requirements have meant that many of China's largest companies, especially technology giants like Alibaba and Tencent, have instead chosen to list in New York and Hong Kong. However, tighter scrutiny on Chinese listings in the U.S. by both countries' governments has essentially halted the flow of Chinese IPOs to New York this summer.to test a faster registration-based IPO process and higher thresholds for investor access.

Cao Yanghui, director of the Nanhua Futures Research Institute, a brokerage based in Hangzhou, said in a statement that the establishment of the Beijing exchange indicates changes to the financial market are "proceeding at a relatively fast pace."

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