Smooth progress for new sci-tech board

Preparation work for the launch of China's new Nasdaq-style technology board in Shanghai is generally in order, according to the country's top securities regulator.

 Li Chao, vice chairman of the China Securities Regulatory Commission, said the major institutional rules for the science and technology innovation board to be set up on the Shanghai Stock Exchange have basically formed. Detailed preparations such as market organization, technical system testing and investor education are continuing their steady advance, Li said.

"This major reform is progressing smoothly in general," Li said, adding that the reform will serve as a testing ground and support the innovative development and deepening of reforms for the capital market.

He said China will continue to broaden the opening-up of the capital market, loosening the policy on the opening of accounts for foreigners on the A-share markets.

Li said China's economy has shifted from high-speed growth to high-quality development, increasingly driven by long-term capital investment and innovative capital, and the capital market will provide better services for the development of the real economy.

The Shanghai bourse reviewed the first batch of listing applications on June 5 and gave the green light to three companies to proceed with listing on the new sci-tech board — Shenzhen Chipscreen Biosciences Co, Suzhou TZTEK Technology Co and Anji Microelectronics Technology (Shanghai) Co. 

The exchange will hold meetings on June 11, 13 and 17 to review the applications of the next three batches of eight more companies.

As of June 10, the Shanghai Stock Exchange had accepted listing applications from 119 enterprises.

In terms of the opening-up of the capital market, Li said it will continue to expand. The policies on lifting foreign share ownership limits on setting up securities companies have already come into effect, with the establishment of three foreign-owned brokerages approved.

The commission has stated several times that it will speed up the two-way opening-up of the capital market, ensure to completely lift the foreign equity caps in the securities and futures industries before 2021, and further optimize the QFII/RQFII system.