China on Friday unveiled six official rules and relevant guidelines on China's new science and technology innovation board, according to the Shanghai Stock Exchange (SSE).

The rules, which took effect on March 1, clarify the requirements for the listing of the sci-tech innovation board set by the China Securities Regulatory Commission (CRSC) and the SSE.

For example, the total amount of the share capital after the issuance shall be no less than 30 million yuan (about 4.47 million U.S. dollars). 

The publicly issued shares shall be more than 25 percent of the total number of shares of the company. If the total share capital of the company exceeds 400 million yuan, the proportion of publicly issued shares shall be over 10 percent.

The rule also stipulates that red chip companies that meet relevant standards can apply for listing on the sci-tech and innovation board.

These requirements include the growing revenue, independent research and development, international leading technology, and competitive edges showed in the same industry.

Red chip companies with an estimated market value of no less than 10 billion yuan, or with a market value of no less than five billion yuan and revenue of not less than 500 million yuan in the recent year, can apply for listing on the board, according to the SSE Website.

The sci-tech board pilots the registration-based initial public offerings (IPO) system, and is significant to facilitate China's capital market reform as well as serve the real economy, said the SSE.