March 22, 2019 / 11:28 AM / 8 months ago

Shanghai exchange unveils first applicants for Nasdaq-style tech board

SHANGHAI, March 22 (Reuters) - The Shanghai Stock Exchange took a major step toward launching its hotly-anticipated Nasdaq-style technology board, announcing on Friday that it had accepted listing applications from nine companies, in sectors from chip making to new energy technology.

The announcement on the exchange’s website means share trading will start on the Science and Technology Innovation board as soon as June, since the exchange will take three months to review applications.

The new tech board, announced by President Xi Jinping in November, marks a radical shift from the current lengthy and cumbersome process for initial public offerings.

The board’s registration-based listing procedure will cut regulatory red tape and allow listings by start-ups that have yet to turn a profit.

Among the nine applicants are Ningbo Ronbay New Energy Technology Co, Wuhan Keqian Biology Co, Ankon Technology (Wuhan) Co and chip maker HeJian Technology (Suzhou) Co. (Reporting by Samuel Shen and John Ruwitch; Editing by Clarence Fernandez)

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