Chinese securities watchdog working on rules for new board

Chinese securities watchdog said Monday it will speed up work on rules for a science and technology innovation board to be launched in Shanghai.

China announced its decision to launch a science and technology innovation board at the Shanghai Stock Exchange and experiment with a registration system for listed companies Monday.

The China Securities Regulatory Commission said that it and SSE will step up efforts to bring the mechanisms and rules to completion, including drawing on international experience and improving information disclosure.

There will be differentiated policies on profitability and ownership structure to help more innovative companies go public, according to the CSRC.

The CSRC described the new board as a major reform that implements innovation-driven growth strategy, promotes high-quality development and supports Shanghai in cementing its position as an international financial center and a hub of science and innovation.