China's securities regulator unveils details about new tech board
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China's top securities regulator on Wednesday unveiled more details about the new science and technology innovation board designed to boost financial reform and development of high-tech sector.

The tech board will ease the listing criteria, such as allowing firms that have yet to make a profit to list, but adopt higher requirements for information disclosure, Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC), told a press conference.

Fang said the new board would follow a market-based approach to determine the prices, scale, market value and pace of new initial public offerings (IPO).

Institutional investors will be allowed to participate in the enquiry and price fixing of new IPOs, he said.

The new board will be launched on the Shanghai Stock Exchange and experiment with registration-based IPOs. First proposed in November 2018 and approved in late January, it has since been pushed forward with full speed.

The new board will have strict IPO standards and certain procedures, and will not be flooded by listed firms, Li Chao, also CSRC vice chairman, said at the conference.

Author： 　　　Source：xinhua　　　 Editor：Yang Fan