China’s new Nasdaq-style high-tech board will host the first batch of listings on July 22, the Shanghai Stock Exchange said Friday.
At least 25 companies will be the first to debut on the SSE STAR Market, a new trading venue hosted by the Shanghai bourse targeting companies in high-tech and innovative sectors. The new board is also a testing ground for several securities market reforms including a registration-based initial public offering mechanism.
As of July 4, the Shanghai Stock Exchange received 141 applications for listing on the new board. The bourse has flashed a green light to 31 applicants, 25 of which have successfully registered with the securities regulator.
The first movers will include display and touch-testing equipment maker Suzhou HYC Technology Co. Ltd., sensors developer Yantai Raytron Technology Co., Ltd. and precision instrument maker Suzhou TZTEK Technology Co. Ltd.
The Shanghai bourse said Friday that the new board will conduct system tests as final preparation for the debut.
Investors have shown great enthusiasm for the new listings. Many candidates have expanded their fundraising size as high demand bolstered their valuations.