About 30 firms estimated to first enter China's new tech board
Beijing, Mar 25 (Xinhua) An industry report predicted that around 30 firms with total market value of about 178 billion yuan (26.5 billion US dollars) will become the first batch of enterprises be listed on China's new science and technology innovation board.
The daily turnover is expected to reach around 18 billion yuan, CITIC Securities said in a report.
Piloting a registration-based IPO system, the new sci-tech board focuses on companies in high-tech and strategically emerging sectors such as new generation information technology, advanced equipment, new materials and energy, environmental protection and biomedicine, according to the China Securities Regulatory Commission.
The launch of the new board has entered a "sprint" stage, and the technical system is expected to be ready by the end of May, according to the Shanghai Stock Exchange.
According to the exchange, the board's issuance system is ready, adjustment of the listing system is underway and it plans to conduct a debut test at the end of March.
China designed the sci-tech innovation board in a bid to leverage financial reforms to boost the development of high-tech sectors and to advance economic transition.
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