Science and Technology Innovation Board to undergo final technical test run on Saturday
Jun 12, 2019 (China Knowledge) - China’s new Nasdaq-styled Science and Technology Innovation Board is making its final preparations to commence trading and will be conducting a final technical test run on Saturday.
The test run will simulate a full day of trading and test all trading functions. Passing the test will mean that the new board is ready for formal trading at any time. While the Shanghai stock exchange (SSE) has not announced a starting date, all software for the new board will be activated after the Saturday test and access for investors will be ready.
In addition, the SSE has also cleared listing plans for a second batch of three companies, bringing the number of companies eligible for trading on the new board to six. Another 10 applicants are expected to undergo reviews by next week.
At the moment, the new board has undergone three complete test runs and special trails of 12 trading days with no major technical issues detected according to industry experts, although the success of these test runs do not rule out all possible problems when formal trading commences.
The new board marks a milestone for the country’s stock market reforms and will be an important testing ground for how the market reacts to companies with variable-interest entity (VIE) and dual-class shareholding structures, which will be allowed to list for the first time in China on the new board.
Companies that have already passed listing reviews hail from the pharmaceutical, semiconductor, and high-tech manufacturing sectors. 30 companies are expected to debut on the new board once trading commences.
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