With five more companies' listing applications accepted Monday by the Shanghai Stock Exchange, China has had 77 companies applying to be listed on the new science and technology innovation board.

The companies have to go through a second stage of audit and inquiry before they can be listed on the sci-tech board.

In the second stage, they must show they comply with listing rules and that there are no flaws in their finances.

The new sci-tech board, which will pilot a registration-based IPO system, 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 China Securities Regulatory Commission.

The launch of the new board has entered a "sprint" stage, and the technical system is expected to be ready by the end of May, according to the exchange.

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