108 firms want to list on Chinese ‘Nasdaq’

BEIJING - China’s securities regulator has received 108 applications to hold initial public offerings on a planned Nasdaq-style exchange for start-up firms, state media said on Monday.

By (AFP)

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Published: Mon 27 Jul 2009, 11:46 AM

Last updated: Sun 5 Apr 2015, 10:30 PM

It will take the China Securities Regulatory Commission up to three months to finish assessing each application, and the first listing is expected to take place as early as the end of October, the China Securities Journal reported.

Most applicant companies are in sectors such as new energy, new materials, biomedicine and environmental protection industries, the report said.

According to previously announced rules, firms seeking to list on the new exchange, to be known as the Growth Enterprise Market, should have total net profits of at least 10 million yuan (1.5 million dollars) over the two-year period before listing.

They should also have net assets of at least 20 million yuan and have been operating for more than three years, the rules said.

The threshold for listing is lower than for the country’s main bourses, which require total net profits of at least 30 million yuan over a three-year period.

As with the Nasdaq in New York, the new board, to be run by the Shenzhen Stock Exchange, aims to promote the development of companies with high growth potential.

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