China's securities regulator unveils details about new tech board

news.cn/tag/i0xngaj3163f76200c981b/index.html" target="_blank">news.cn/tag/i0xkfcd844efd48692805f/index.html" target="_blank">China's top securities regulator on Wednesday unveiled more details about the news.cn/tag/i0xngaj3163f76200c981b/index.html" target="_blank">new science and technology innovation board designed to boost financial reform and development of high-tech sector.

The tech board will ease the listing criteria, such as allowing firms that have yet to make a profit to list, but adopt higher requirements for information disclosure, Fang Xinghai, vice chairman of the news.cn/tag/i0xngaj3163f76200c981b/index.html" target="_blank">news.cn/tag/i0xkfcd844efd48692805f/index.html" target="_blank">China Securities Regulatory Commission (CSRC), told a press conference.

Fang said the news.cn/tag/i0xngaj3163f76200c981b/index.html" target="_blank">new board would follow a market-based approach to determine the prices, scale, market value and pace of news.cn/tag/i0xngaj3163f76200c981b/index.html" target="_blank">new initial public offerings (IPO).

Institutional investors will be allowed to participate in the enquiry and price fixing of news.cn/tag/i0xngaj3163f76200c981b/index.html" target="_blank">new IPOs, he said.

The news.cn/tag/i0xngaj3163f76200c981b/index.html" target="_blank">new board will be launched on the Shanghai Stock Exchange and experiment with registration-based IPOs. First proposed in November 2018 and approved in late January, it has since been pushed forward with full speed.

The news.cn/tag/i0xngaj3163f76200c981b/index.html" target="_blank">new board will have strict IPO standards and certain procedures, and will not be flooded by listed firms, Li Chao, also CSRC vice chairman, said at the conference.