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Copyright © 2024 CGTN. 京ICP备20000184号
Disinformation report hotline: 010-85061466
The Shanghai Stock Exchange, Shanghai, China, November 17, 2023. /CFP
China's top securities regulator on Wednesday rolled out new measures to deepen the reform of the Science and Technology Innovation Board (STAR) market to better serve sci-tech innovation and promote the development of new quality productive forces.
The measures include further supporting the listing of enterprises making breakthroughs in new industries, new business models and new technologies, and improving the pricing mechanisms for initial public offerings (IPOs), according to the China Securities Regulatory Commission (CSRC).
Efforts will also be made to improve the financing of listed companies on the STAR board, optimize the trading mechanisms, strengthen monitoring, forestal market risks, as well as encourage merger, acquisition and restructuring, the CSRC said.
Tourists taking photos of the Bund, Shanghai, China, June 10, 2024. /CFP
Specifically, the CSRC will support "hard-tech" companies, including high-quality unprofitable enterprises with key technologies, great market potential, and outstanding sci-tech and innovation characters, to list on the board, according to the latest announcement.
The regulator also pledged to improve the stock and bond financing mechanism for STAR market-listed companies, with moves such as establishing "green channels" for equity and debt financing, as well as mergers and acquisitions of hard-tech companies.
Since its launch in 2019, the STAR market has become the preferred listing destination for hard-tech companies, as its attractiveness continues to grow.
As of May 31, a total of 572 companies have been listed on the STAR market, with a combined market capitalization of 5.17 trillion yuan (about $726.5 billion).
(With input from Xinhua)