TIMELINE-China launches Nasdaq-style market for start-ups

SHANGHAI, Oct 23 - China launches a Nasdaq-style second board, the ChiNext market, on Friday, with the first 28 companies set to start trading on Oct. 30.

The launch follows a decade of official efforts to build an independent market to help fund China's legions of cash-starved small- and medium-sized enterprises (SMEs).

Following are key dates on ChiNext's route to launch.

Dec 1998 - China's top economic planner proposes setting up a Nasdaq-style second board. The State Council, China's cabinet, commissions a feasibility study from the China Securities Regulatory Commission (CSRC).

April 2000 - The CSRC reports back to the State Council, formally proposing the second board's creation. A month later, the State Council agrees in principle to set up the board in the southern boomtown of Shenzhen.

Sept 2000 - The Shenzhen Stock Exchange sets up 10 committees and departments tasked with establishing the new board. Within weeks it completes tests of a computerised system to be used for the new market.

Nov 2001 - As the global dotcom bubble bursts, Premier Zhu Rongji says China needs to learn lessons from global start-up markets and will not be rushed into setting up its own.

Oct 2003 - The ruling Chinese Communist Party re-states that China needs a second board to complete its financial market system.

Dec 2006 - Following a domestic stock market bull run, CSRC Chairman Shang Fulin says China's market is at a turning point and the CSRC will reconsider launching a second board.

Aug 2007 - The State Council approves the establishment of the second board.

March 2008 - The CSRC publishes rules for second board IPOs, setting lower requirements than the main board.

July 2009 - The CSRC reviews second board IPO applications.

Sept 2009 - The Shenzhen exchange officially names the second board ChiNext, and the CSRC says it is vetting applications from 149 companies that aim to raise a combined 33.6 billion yuan ($4.9 billion) via second board IPOs.

Oct 2009 - The CSRC says ChiNext will launch on Oct. 23, with the first batch of 28 companies to start trading on Oct. 30. ($1=6.83 Yuan)