China's stock exchange moves to support fight against coronavirus
The Shanghai Stock Exchange (SSE) stepped up efforts to support the country's fight against the new coronavirus epidemic.
The SSE encouraged enterprises dealing with technological innovation related to epidemic prevention and control to be listed on China's sci-tech innovation board (STAR), according to a statement on its website.
Complete applications from these companies will be immediately accepted and swiftly reviewed by professionals from the biopharmaceutical industry.
Firms are encouraged to complete roadshows through the internet and phone calls, make timely adjustments to their offering schedules and hold online listing ceremonies, said the exchange.
Noting firms' difficulties in completing auditing work and disclosing their 2019 annual report and the 2020 first-quarter report on time amid the epidemic outbreak, the exchange postponed the disclosure of annual reports for more than 70 firms and extended the time limit on mergers and acquisitions.
Under normal circumstances, listed companies failing to disclose yearly reports within the statutory period will be deprived of the right to trade their shares and derivatives in the stock market until they disclose relevant periodic reports as requested.
The SSE has also granted special support to Hubei Province, waiving initial listing costs and this year's annual fee for companies from the region as well as approving the first exchange-traded fund supporting Hubei's infrastructure construction.
Enterprises from Hubei and other regions severely affected by the epidemic, as well as companies raising funds for epidemic control, are provided with direct financing and a "green channel" for issuance review of corporate bonds and asset-backed securities. The review period for raising funds is greatly reduced.
As of February 14, a total of 10 companies affected by the epidemic or raising funds for epidemic prevention and control have completed bond issuance with financing to the tune of 10.71 billion yuan.