Some threshold requirements for the new sci-tech innovation board

The rules are subject for public opinion solicitation until March 1, 2019

IPO mechanism

A registration-based procedure with six to nine months of preliminary check by the Shanghai Stock Exchange and 20 working days for registration by the China Securities Regulatory Commission

Investors

Investors should have share assets of no less than 500,000 yuan; At least two years of share transaction experience;

For investors with less than 500,000 yuan in share assets, they may participate through the purchase of public mutual funds.

Corporate applicants should meet either one of the following criteria

1. Companies with 1-billion-yuan market value, making profit in the recent two years and with a total net profit of no less than 50 million yuan; or companies with 1-billion-yuan market value, making profit in the recent one year and having revenue of no less than 10 million yuan;

2. Companies in strategic industries with more than 1.5-billion-yuan market value and more than 200-million-yuan revenue, of which at least 15 percent has been spent on research and development in the recent three years;

3. Unprofitable companies with steady cash flow who have 2-billion-yuan market value, 300-million-yuan revenue and more than 100-million-yuan cash flow in the recent three years;

4. Unprofitable companies with 3-billion-yuan market value and 300-million-yuan revenue;

5. Strategically important tech companies such as biomedicine firms with at least 4-billion-yuan market value

Pricing

Market-based quotations by institutional investors

Trading

T+1

Daily trading range

Up or down by 20 percent;

None for the first five trading days

Exit

Negative net profit value of core business;

Negative net asset value;

Tampering with financial results

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