20% of firms fail to list on ChiNext
By Winny Wang |
October 13, 2010, Wednesday
|
Print Edition
Print Edition
NEARLY 20 percent of companies failed to gain approval to list on China's Nasdaq-style board because they fell short of the income requirement or their growth potential was not recognized by the regulator.
It has turned down the applications of 36 companies to list on the ChiNext board, accounting for 19.6 percent of 184 applications after the board started trading in October 2009, Zero2IPO Research Center said yesterday.
Only firms with an annual net profit of at least 10 million yuan (US$1.5 million) in the last two years or 5 million yuan for one year with sales of at least 50 million yuan can list on ChiNext.
Of the 36 unsuccessful companies, 15 were supported by venture capital or private-equity investors and engaged mainly in machinery manufacturing, information technology and cleaning technology.
By September 29, a total of 123 companies had listed on ChiNext.
It has turned down the applications of 36 companies to list on the ChiNext board, accounting for 19.6 percent of 184 applications after the board started trading in October 2009, Zero2IPO Research Center said yesterday.
Only firms with an annual net profit of at least 10 million yuan (US$1.5 million) in the last two years or 5 million yuan for one year with sales of at least 50 million yuan can list on ChiNext.
Of the 36 unsuccessful companies, 15 were supported by venture capital or private-equity investors and engaged mainly in machinery manufacturing, information technology and cleaning technology.
By September 29, a total of 123 companies had listed on ChiNext.
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