The Shanghai Stock Exchange has accepted initial public offering (IPO) applications from nine Shenzhen companies aiming to list on its Science and Technology Innovation Board (STAR Market) by Sunday.
Among them, Shenzhen Chipscreen Bioscience Co. Ltd. is expected to be the first local company to launch an IPO on the board.
According to the company’s website, it was established in March 2001 with production bases in Shenzhen and Chengdu, a clinical research center in Beijing and a commercial center in Shanghai.
Chipscreen increased its net profit by 20.73 percent in 2018, compared to the year before. After more than a decade of development in small molecule innovative medicine areas, the company has currently taken the lead in China in this sector. About 55.85 percent of its business revenue was spent on research and development last year.
The other eight Shenzhen companies are Shenzhen BASDA Medical Apparatus Co. Ltd., Shenzhen Appotronics Co. Ltd., TRANSSION Holdings, Maxphotonics, Shenzhen JPT Opto-Electronics Co. Ltd., Lifotronic Technology Co. Ltd., Shenzhen Qingyi Photomask Ltd. and Shenzhen Neoway Technology Co. Ltd.
Five of the nine are focused on computer, telecom and electronic device production.
On June 14, Suzhou HYC Technology Co. and Yantai Raytron Technology Co. became the first two companies approved to be listed on the STAR Market.
The new board was officially launched June 13 after preparation lasting more than 200 days. Trading is yet to kick off.
It is a testing ground for China’s experiment with a registration-based IPO system to attract Chinese technology companies looking to raise funds on domestic exchanges.