China announced the launch of the Shanghai Stock Exchange STAR Market on Thursday. Vice-Premier Liu He (刘鹤), Party secretary of Shanghai Li Qiang (李强), chairman of CSRC Yi Huiman (易会满) and Shanghai Mayor Ying Yong (应勇) officially opened the new marketplace during a financial forum held in the city.
"STAR Market is not just an another stock market. In fact, it opens the gateway for capitals and technology innovations. The market will boost the development of a combined financial and technology innovation center," Li Qiang said.
The board, formerly translated as Science and Technology Innovation Board (STIB), today announced its formal rebranding as STAR Market (Sci-Tech innovAtion boaRd).
China announced the new capital market in early November 2018. Out of 121 companies that applied to be listed, three have already had their applications approved last week with three more getting their approvals this Tuesday.
Shenzhen Chipscreen Biosciences Co., Ltd. (微芯生物), Anji Microelectronics Technology (Shanghai) Co., Ltd.( 安集科技), Suzhou TZTEK Technology Co., Ltd. (天准科技), Raytron (睿创微纳), HYC Technology (华兴源创) and RICOM (福光股份) all operate solid and profitable business. They are mostly in manufacturing, biomedicine, semiconductor, which is indicative of China’s ambitions in the domain of science and technology innovations.
Management’s presentation of the roadshows of those companies will not likely be available until next week. The board will start operations no sooner than in the middle of July, considering the complexity of all the processes that go into it including vetting, registration, roadshow and pricing, according to people familiar with the matter.
72 companies had their applications accepted in the late March/early April this year. Now the cycle is verging to a close.