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Business
Shanghai Stock Exchange to start accepting listing applications for new Sci-Tech board today
CKN
2019/03/18 03:52:36
1,977
China's News, China's Financial News,Shanghai Stock Exchange

Mar 18, 2019 (China Knowledge) - The Shanghai Stock Exchange will begin accepting listing applications for its new Science and Technology Innovation Board today, putting it on target for the first batch of companies to be listed by mid-June this year.

The review process for applicants by the Shanghai Stock Exchange will take roughly three months, meaning that the first batch of applicants may debut on the new board by mid-June.

The new Nasdaq-style Science and Technology board which was announced by President Xi Jinping last year presents a radical shift from the currently lengthy process for listing on the country’s two main boards. By adopting a registration-based listing procedure, regulatory red tape will be greatly reduced and start-ups that are not yet profitable will also be allowed to list.

The new board aims to attract local Chinese tech startups which are highly valued to list locally rather than overseas in Hong Kong or the US to allow individual Chinese investors to share in the growth of the company.

Currently, Yantai Raytron Technology which develops imaging and sensor technologies has completed its pre-listing tutoring with Citic Securities while several other companies such as Venus Medtech and Xinguang Photoelectric Technology are undergoing their tutoring.

All Chinese companies are required to go through pre-listing tutoring before going public to ensure that the companies understand and will comply with regulations after being listed.

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