China’s securities watchdog released the final edition of rules governing the country’s new Nasdaq-style high-tech board. According to Caixin, they highlight the priorities placed on creating a capital market that will serve as a financial incubator for the country’s innovative technology firms.
The new high-tech board was first announced by President Xi towards the end of last year and has been fast-tracked ever since, seeing as it is considered a testing ground for major changes in the country’s stock markets.
The rules offer a registration-based initial public offering system (IPO), list the criteria for red-chip firms, shorten the anti-dumping lock-up period for shares owned by core technical staff of the listed firm, and maintain a relatively high bar for eligible investors.
Caixin earlier reported that the SSE, which will host the new high-tech board, has completed the recruitment of staff, with the new employees expected to start work in mid-March, aiming to kick-off trading on the new board as soon as possible.