China gives green light to one more IPO on sci-tech innovation board

Beijing (Xinhua) – China’s securities regulator has endorsed the application of one company for initial public offering (IPO) on the science and technology innovation board.

Beijing ABT Networks Co, Ltd will be listed on Shanghai Stock Exchange’s sci-tech innovation board, commonly known as SSE STAR Market, the China Securities Regulatory Commission (CSRC) said in a statement over the weekend.

It did not specify the total amount of funds to be raised.

The company and its underwriter will confirm the IPO date and publish its prospectus following discussions with the stock exchange.

The SSE STAR Market, inaugurated on June 13 and designed to focus on companies in the high-tech and strategic emerging sectors, will ease the listing criteria, such as allowing firms that have yet to make a profit to list, but they will adopt higher requirements for information disclosure.

It started trading on July 22 and has so for had 28 listed companies.