Applications start for new tech board

The Shanghai Stock Exchange began to receive IPO applications for the science and technology innovation board on Monday, signaling that the first group of offerings may be seen in June, analysts said.

They expect the new submarket, marking a key reform of the capital market, to better leverage the market's role in financing technological innovation.

The Shanghai bourse launched a website on Monday to disclose its progress in reviewing initial public offering applications for the new board, kicking off the IPO application and review process. No application information had been released as of the market's close.

As of Monday, it was said at least two companies－mobile phone  maker Transsion Holdings and integrated circuit manufacturer Yantai Raytron Technology Co－have completed training to prepare an IPO on the new board, according to local securities authorities' websites.

This means the two companies can now prepare and file IPO application documents with the Shanghai bourse for review. Companies that pass the review can then register at the China Securities Regulatory Commission and go public on the new board.

Wang Yi, chief strategist at Great Wall Securities, based in Shenzhen, Guangdong province, said he expects the first group of companies to go public on the new board by early July.


Source: China Daily