E-scooter maker Ninebot Ltd. has had its application for an IPO on Shanghai’s Nasdaq-style high tech board passed by the securities regulator, a move that paves the way for Chinese mainland stock markets to pass two significant milestones.

Ninebot, which owns the Segway scooter brand, will become the first foreign-registered Chinese company with a variable-interest entity (VIE) structure to go public, and the first to sell Chinese depositary receipts, a new type of equity security created in 2018 to allow overseas firms to list on a mainland bourse.

Registered in the Cayman Islands, Beijing-based Ninebot is one of dozens of Chinese companies — such as Tencent Holdings Ltd. and Baidu Inc. — that have used the VIE structure to get around government restrictions on foreign direct investment in certain industries, including telecommunications and the internet.

A previous version of this story incorrectly described Chinese depository receipts as a new type of share. They are actually a new type of equity security.

Read the full story here.

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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