China’s new Nasdaq-style high-tech board starts operations — today.
Yi Huiman, chairman of the China Securities Regulatory Commission, announced the news this morning in Shanghai.
Proposed by President Xi Jinping in November, the board is designed to improve the Chinese mainland’s appeal to technology companies and encourage them to list on the mainland rather than overseas.
A key change is the shift to a market-based registration system for new listings that will hopefully resolve the shortcomings in the current lengthy, bureaucratic IPO process that listing candidates face on other mainland boards.
So far, 122 companies have filed applications for listing on the high-tech board, according to data from the Shanghai Stock Exchange.
Contact reporter Lin Jinbing (firstname.lastname@example.org)