China greenlights five innovation IPOs

BEIJING: China’s securities regulator has approved the initial public offerings (IPOs) of five companies on the science and technology innovation board.

Beijing Sun-Novo Pharmaceutical Research Co, Ltd, JinGuan Electric Co, Ltd, China Chippacking Technology Co, Ltd, China Railway Construction Heavy Industry Co, Ltd, and Wetown Electric Group Co, Ltd will be listed on the Shanghai Stock Exchange’s sci-tech innovation board, commonly known as the STAR market, according to the China Securities Regulatory Commission.

The companies and their underwriters will confirm the IPO dates and publish prospectuses after discussions with the stock exchange.

The STAR market, inaugurated in June 2019 and designed to support firms in the high-tech and strategic emerging sectors, has eased the listing criteria but adopted higher requirements for information disclosure. ─ Xinhua

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