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SASAC Supports Central SOEs to List on High-Tech Board

By Zhao Runhua / Jul 16, 2019 05:21 PM / Economy

Photo: VCG

Photo: VCG

China’s supervisor of state-owned enterprises (SOEs), which is directly managed by the central government, expects more central SOEs to list on the high-tech board, spokesperson Peng Huagang said during a Tuesday briefing.

The State-owned Assets Supervision and Administration Commission of the State Council has encouraged a few companies to file for IPOs on the Shanghai Stock Exchange’s STAR Market, which is also known as the high-tech board, Peng said. The companies satisfy requirements of “national strategies,” show “breakthroughs in core technology,” and are “highly acknowledged by the markets,” Peng said. Peng offered no further details such as the companies' names or business focuses.

According to Peng, 14 central SOEs’ high-tech board IPO applications have been received, among the total 148 companies that have submitted applications. Railway infrastructure operator China Railway Signal and Communication, as the first central SOE to have received a formal IPO green light, will debut next Monday with another 24 companies.

Related: SOEs Turn to Jack Ma for Digital Innovation

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