Shenzhen’s ChiNext board for growth enterprises surged Monday after Beijing rolled out a plan for bolder reforms in the city, including introducing a registration-based initial public offering (IPO) system for the board, reported Caixin.
Over the weekend, the State Council set a goal of turning Shenzhen into a city with world-class economic competitiveness and innovation. The directive calls for “studying and improving the system for listing, refinancing, mergers and acquisitions, and restructuring on the ChiNext board and creating conditions to push forward the reform of registration-based IPO system.”
The market has been anticipating the expansion of the registration-based IPO system to the ChiNext board after Shanghai’s new Nasdaq-style tech board adopted the system, which simplifies the lengthy approval process that companies now must go through before floating shares on the mainland market.
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