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      Economy

      Eighteen companies to debut on ChiNext under new IPO rules

      1
      2020-08-24 13:04:16CGTN Editor : Gu Liping ECNS App Download

      Eighteen companies are set to debut on the Nasdaq-style ChiNext Board under the revised initial public offering (IPO) system on Monday.

      ChiNext shares will be allowed to rise or fall up to a daily limit of 20 percent, double the previous 10 percent cap. There will be no restrictions on price movement of new shares for the first five days of trading.

      The first batch of companies listed under the new IPO rule include Beijing FengShangShiJi Culture Media, digital equipment maker Shenzhen Jame Technology, and software maker Tansun Technology.

      The technology-heavy ChiNext board was launched in 2009 at the Shenzhen Stock Exchange. It has a market capitalization of 8.9 trillion yuan (1.3 trillion U.S. dollars), and hosts more than 800 listed companies.

      The ChiNext reform is set to further improve market efficiency. The new rules are modeled on those successfully used by Shanghai's STAR Market.

      Under the new listing rules, the Shenzhen Stock  Exchange examines IPO applications based on corporate disclosures. Companies no longer need to go through the China Securities Regulatory Commission for approval before listing, which shortens the time for them to go public.

      Chinese Vice Premier Liu He said at Monday's launching event that the ChiNext board should better serve growth-oriented innovative companies, build its strength and complement with other boards to form a multi-level capital market system.

      "The capital market plays a pivotal role in optimizing resource allocation and promoting a high-level circulation of technology, capital and the real economy," said Liu, while referring to the necessity in gradually leaving the judgement of companies' growth outlook to market.

      He also stressed on returning to the important concept of value investment, promoting full disclosure of information, and building an honest and law-abiding capital market.

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