This year marks the 40th anniversary of the Shenzhen Special Economic Zone. To mark the occasion, we are publishing a series of reports celebrating the city's achievements in different aspects over the past four decades.
Three Chinese companies have become the first to obtain approval to list on the ChiNext board of Shenzhen Stock Exchange (SZSE), after a recent reform aimed at fast-tracking initial public offerings (IPOs), Shenzhen Special Zone Daily reported.
The three companies — LD Intelligent Technology, Beijing FengShangShiJi Culture Media Co. Ltd., and Contec Medical Systems Co. Ltd. – have met the conditions for IPOs on the ChiNext board, the exchange said in a statement late Monday.
The exchange has also approved the application of Qingdao Tianneng Heavy Industries Co. Ltd. to issue convertible bonds.
China introduced a U.S.-style IPO system to the ChiNext a month ago, as part of efforts to reform the country's stock markets and channel capital to innovative startups.
Under the new registration-based listing system for ChiNext, companies wanting to go public will no longer need approval from the China Securities Regulatory Commission (CSRC). Instead, SZSE will review the applications based on disclosure rules.
The first batch of companies listing under the new system is widely expected to debut soon, as the CSRC will announce the results within 20 working days after the registration is submitted, said the Daily.
According to SZSE, it will review the IPO applications of 11 companies as well as the application of convertible bond issuance of another company this week.
SZSE has so far accepted the IPO applications of 275 enterprises, and three have responded to the exchange's inquiries.