First company on science and technology innovation board approved to commence bookrunning
Jun 19, 2019 (China Knowledge) - The Shanghai Stock Exchange has given approval for the first company on the upcoming science and technology innovation board to begin its bookrunning activities.
The company, Suzhou HYC Technology which manufactures display and touch testing equipment has announced that it will begin price consultation with institutions for its IPO where it aims to raise RMB 1 billion. Following the price consultation, share subscription will commence on June 27th.
Trading on the new science and technology innovation is expected to start within two months with IPOs on the new board expected to be highly oversubscribed as these firms are currently seen as the country’s rising stars.
As the current US-China trade war extends towards the technology sector, China has been eager to get this new board up and running as another fundraising platform to support its domestic tech companies. The new board also seeks to allow China to internationalize its capital markets to match its global economic position.
Currently, 11 companies have managed to pass through the exchange’s IPO review process and another 14 companies are expected to undergo the review process in the coming week. 20 companies are expected to be listed on the new board when trading debuts.
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