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ONE YEAR OF DSE'S SHARE SALE

Chinese consortium yet to impress investors

Ahsan Habib
One year has passed by since the Chinese consortium agreed to come on board as a strategic partner of the Dhaka Stock Exchange (DSE) but investors are still waiting for the two Chinese bourses to deliver on their promises.
One of the big promises made by the Shenzhen Stock Exchange (SZSE) and Shanghai Stock Exchange (SSE) was that they would bring in technological upgrades to the country's premier bourse, including an electronic information disclosure
platform of the listed companies.
The platform would provide corporate information of the issuing companies, simple analytical tools, interactive question and answer facility and online complaint portal with a view to enhancing transparency and corporate governance.
"It is yet to fulfil this expectation," said Shakil Rizvi, president of the DSE Brokers' Association (DBA).
The general investors also expects higher foreign investment in the market through the Chinese Consortium. An investor named Munim Raihan said the stock market regulator and all the analysts expected that market will get higher foreign investment after getting the strategic partner.
But in reality, the market lost foreign investment in the time, he added. Since May 14 last year, when the agreement was signed, the DSE witnessed negative net foreign investment, according to data from the bourse.
The Chinese consortium offered to assist the DSE in developing index-based products, bonds and asset-backed securities to diversify products in the DSE.
It also offered to assist in designing, promoting and showcasing Bangladeshi indices in China as well as developing the DSE's derivatives market.
The formal processing of the agreement took longer than expected, so in reality the consortium become the DSE's partner only in September, said a top official of the bourse requesting not to be named.
So far, the consortium appointed a director in the DSE board and launched the Bangladesh window on the V-Next Platform on May 6 under the strategic investor agreement.
As a result, Bangladeshi listed and non-listed companies can explore equity and strategic partnership, seek business collaboration and diversify business and technology channels in China.
V-Next Alliance Platform is designed to facilitate Chinese investment into prospective companies in Bangladesh through information dissemination, online live road shows and face-to-face business seminars. Around 20 Bangladesh enterprises from many sectors such as information, communication and modern manufacturing conducted road shows on the V-Next Platform on its inauguration day.