China greenlights three sci-tech innovation IPOs

China's securities regulator has approved the initial public offering (IPO) applications of three companies on the science and technology innovation board.

Semiconductor Manufacturing Electronics (Shaoxing) Corporation, Hangzhou AGS Medtech Co., Ltd. and Maxic Technology, Inc. will be listed on the Shanghai Stock Exchange's sci-tech innovation board, commonly known as the STAR market, according to the China Securities Regulatory Commission.

The companies and their underwriters will confirm the dates of the IPOs and publish prospectuses following discussions with the stock exchange.

China officially rolled out its across-the-board registration-based IPO system in February this year.

The STAR market, inaugurated in June 2019 and designed to support companies in the high-tech and strategic emerging sectors, has eased its listing criteria but adopted higher requirements for information disclosure.