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20 firms to trade on board for high-tech
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Shanghai Equity Exchange, operator of the city鈥檚 over-the-counter equity market, will open a new board for high-technology startups next Monday to support innovation-driven businesses.
Around 20 companies will start trading on the board, Ge Peijian, general manager of Zhangjiang High-tech Park, told a forum in Shanghai yesterday.
Zhangjiang is the third-largest shareholder of the equity exchange with 23.25 percent. The board is dedicated to high-tech startups, offering an alternative fundraising platform for companies which have difficulties in obtaining bank loans or raising funds via the main stock exchanges.
The new board鈥檚 listing conditions include the proportion of revenue used in research and development and high-tech output as well as the number of R&D staff.
Trading on the board will see a 50 percent daily price cap. Individual investors with financial assets of over 500,000 yuan (US$77,160) can trade on the board.
Li Jun, deputy director of the Shanghai Financial Service Office, said the board will be reformed to boost its fundraising and merger and acquisition activities.
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