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China's new tech board may enlist around 150 firms within year: CICC
Last Updated: 2019-03-21 11:32 | Xinhua
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About 150 firms will be listed on China's new science and technology innovation board in 2019, analysts with China International Capital Corporation Limited (CICC) predict.

In 2019, a total of 50-100 billion yuan (7.45-14.9 billion U.S. dollars) of funds could be raised by the companies that have the luck to get listed on the new board, according to CICC figures cited by Jrj Wednesday.

The new board has set a threshold for both applicant companies and investors. For an applicant company, its market value should not be less than 1 billion yuan, while individual investors who want to participate in the new board have to have assets of 500,000 yuan and at least two years of experience in securities trading, according to the China Securities Regulatory Commission (CSRC).

Piloting a registration-based IPO system, the new board focuses on companies in high-tech and strategically emerging sectors such as new generation information technology, advanced equipment, new materials and energy, environmental protection and biomedicine, according to the CSRC.

Under the pilot registration system, eligible companies can become listed by filing required documents. Currently, new shares on A-share markets are subject to approval from the securities watchdog.

Launched on the Shanghai Stock Exchange, the Nasdaq-style technology board started to accept applications Monday.

So far, more than 30 companies have announced their decision to enter the new board, including nine firms traded on China's "third board" over-the-counter market, China Securities News reported Wednesday.

"Only a minority of companies listed on the 'third board' may be able to be listed on the new tech board," said Wang Jiyao, a market observer.

China designed the sci-tech innovation board in a bid to leverage financial reforms to boost the development of high-tech sectors and to advance economic transition.

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China's new tech board may enlist around 150 firms within year: CICC
Source:Xinhua | 2019-03-21 11:32
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