BEIJING: China will launch its long-awaited Nasdaq-style ChiNext board in Shenzhen on October 23, state media reported Saturday.

Shang Fulin, chairman of the China Securities Regulatory Commission, announced the start date of the growth enterprise market at a forum in Beijing, the official Xinhua news agency reported.

The first batch of 28 companies will make their debut on Friday, Xinhua said.

Regulators hope the new market will help fuel start-ups and other companies with high-growth potential in the world's third-largest economy, following the example of Wall Street's Nasdaq.

But there have also been worries that the new board, which attracted strong interest from investors, may be diverting funds from the main boards and drag down stock prices.