Markets > Stocks

SSE completes draft plan for new board

Xinhua Financein CFBODN
2018-12-05 09:16

Already collect


The Shanghai Stock Exchange (SSE) said it has completed a draft plan for the establishment of the science and innovation board and the pilot registration-based floatation system.

The announcement was made on Dec. 1 in a meeting convened by the SSE to discuss issues related to the science and innovation board, an upcoming platform for China's innovative high-tech firms to list and trade their shares.

The discussions covered the listing requirements, stock issuing, underwriting, trading mechanism and supervision as well as the registration-based system to be piloted for the initial public offering (IPO) of stocks.

The implementation methods and detailed rules for this new board are likely to be announced in January 2019 and the reception of related IPO applications may begin as early as March or April next year, according to a report of the Chinese financial news media 21st Century Business Herald on Tuesday citing its source with close ties to the SSE.

The science and innovation board would be a market intended for innovative hi-tech firms, not for companies that operate in the sectors with overcapacity or heavy pollution, or financial and real estate enterprises, said 21st Century Business Herald quoting its source.

What are needed at the new board are industry leaders that find it difficult to float their shares under the current listing framework, and their qualifications are to be stated by their brokers in their future IPO applications, said the source.

Another Chinese financial media Yicai reported on Monday that the SSE had decided to create two new internal divisions to respectively take charge of the registration-based IPO tasks and the supervision of listed companies at the science and innovation board.
Add comments

Latest comments

Latest News
News Most Viewed