Shanghai exchange unveils first applicants for Nasdaq-style tech board
(Adds details; paragraphs 5,6,8)
SHANGHAI, March 22 (Reuters) - The Shanghai Stock Exchange
took a major step toward launching its hotly-anticipated
Nasdaq-style technology board, announcing on Friday that it had
accepted listing applications from nine companies, in sectors
from chip making to new energy technology.
The announcement on the exchange's website means share
trading will start on the Science and Technology Innovation
board as soon as June, since the exchange will take three months
to review applications.
The new tech board, announced by President Xi Jinping in
November, marks a radical shift from the current lengthy and
cumbersome process for initial public offerings.
The board's registration-based listing procedure will cut
regulatory red tape and allow listings by start-ups that have
yet to turn a profit.
The new board is viewed as a move by Beijing to counter U.S.
curbs on China's technology advances, and as part of efforts to
build Shanghai into an international financial hub.
The Shanghai exchange on Friday urged market participants,
including issuers and underwriters, to work together to ensure a
good start, and the long-term health of the board.
Among the nine applicants are Ningbo Ronbay New Energy
Technology Co, Wuhan Keqian Biology Co, Ankon Technology (Wuhan)
Co and chip maker HeJian Technology (Suzhou) Co.
Average market capitalization of the nine applicants, which
also include Guangdong Lyric Robot Automation Co and Jiangsu
Beiren Robot System Co, is expected to be 7.28 billion yuan
($1.08 billion), the exchange said.
(Reporting by Samuel Shen and John Ruwitch; Editing by Clarence
First Published: 2019-03-22 13:27:07
Updated 2019-03-22 13:48:10
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