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"Further institutional opening up will present significant business opportunities for foreign companies and investors," Zhang said.

"Foreign investors as a group have surpassed insurers as the largest holder of A shares and with the help of the weight increase of various indexes, are likely to rival domestic mutual funds soon," said Thomas Fang, head of China Equities at UBS. "We expect the largely retail-driven A-share market to become more institutionalized over time."

"FinTech innovations that feature internet, big data and artificial intelligence are exerting profound influence on capital markets," said Huang Wei, assistant chairman of the China Securities Regulatory Commission, at a forum.

"From market structure reforms to the introduction of this new listing venue — the progress demonstrates the growing ambition of the emerging technology companies and exciting opportunities for the investment community," he wrote.

"Fire dangers on Saturday will reach severe to extreme yet again across fire sites and communities that have already seen large-scale devastation," Bureau of Meteorology scientist Jonathan How said.