China greenlights 4 sci-tech innovation IPOs

China greenlights 4 sci-tech innovation IPOs

China’s securities regulator has approved the initial public offerings (IPOs) of four companies on the science and technology innovation board.

Suzhou Mingzhi Technology, Shanghai Electric Wind Power Group, Shenzhen Xinyichang Technology, and Shenzhen Xunjiexing Technology 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, Xinhua news agency reported on Sunday.

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

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

The news comes after Chinese financial technology giant Ant Group scuttled a planned IPO last year.

Ant Group is the parent company of China’s leading mobile-payment business Alipay.

The digital finance behemoth was set to make its debut on the Shanghai Stock Exchange’s sci-tech innovation board and Hong Kong stock exchange on November 5, 2020.

The IPO was cancelled as the Chinese government increased scrutiny of Alibaba Co-founder Jack Ma’s ventures.

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