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New tech board gets first applications

By Shi Jing in Shanghai | China Daily | Updated: 2018-11-30 09:59
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The first companies in Shanghai have submitted their applications to go public on the planned science and technology innovation board. [Photo/IC]

Plane equipment maker submits listing mandate to municipal authorities

The first companies in Shanghai have submitted their applications to go public on the planned science and technology innovation board, as the municipal government accelerates the preparatory work.

As reported by Shanghai Securities News, Shanghai Shangfei Plane Equipment Manufacturing Co Ltd is one of the first companies to submit its listing intention to the Shanghai Municipal Commission of Economy and Informatization. Successful listing on the science and technology innovation board will help the company to integrate resources, perfect its industrial chain and expand its production capacity, said Shangfei.

It said that the companies set to be listed would be promising industry leaders in key areas or come from fields carrying out essential transformation.

During his keynote speech at the China International Import Expo on Nov 5, President Xi Jinping elaborated three decisions on the development of Shanghai, one of which is the introduction of a science and technology innovation board at the Shanghai Stock Exchange.

The Shanghai Municipal Financial Service Office said on Thursday that it had started to work with other government departments to help the qualified companies get listed on the new board.

The Shanghai Municipal Commission of Economy and Informatization released a notice on Nov 20 seeking information from local companies which intend to be listed on the science and technology innovation board. The deadline for such information collection was Nov 23. So far, there is no summary of the applications from the commission.

According to the application form, the qualified companies need to be industry leaders, either in China or globally. Profit is not required for the time being but sales revenue should reach a certain level. Meanwhile, the companies should report their annual investment in research and development, authorized patents and industry ranking.

Luo Dajin, deputy director of the Shanghai Municipal Science and Technology Commission, said that once the Shanghai Stock Exchange publishes detailed standards for companies to list on the science and technology innovation board, they will help local companies to advance their share reform.

The Shanghai municipal government released a guideline on Nov 22 to support the development of high-tech companies in the city. Qualified companies will be granted financial support of between 200,000 yuan ($28,760) and 2 million yuan.

According to the Shanghai Municipal Science and Technology Commission, there are 288 Shanghai-based A-share listed companies, among which 38 percent are high-tech companies. Last year, 41 Shanghai-based companies filed for initial public offerings, with 80 percent coming from the high-tech sector.

Zhang Yu, deputy portfolio manager for China equities at UBS Asset Management, said that the introduction of a science and technology innovation board will have a positive long-term impact on the A-share market.

"Several years ago, there was a wave of privatization of overseas listed Chinese high-tech companies and their return to the A-share market has given it higher valuation. Although the current market cannot generate as high valuations as before, A shares will continue to attract the listing of leading technology companies," he said.

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