Curtain rises on the Star Market

The Science and Technology Innovation Board (referred to as the Star Market) has officially been launched, and a lawyer who was involved in the first application for listing says enterprises that wish to list should pay attention to their scientific and technological innovation attributes and information disclosure.

The idea for the Star Market was first raised in November last year, and after a short period of about 200 days, it became an official reality on 13 June. The official opening of the market is also not far off.

The first batch of companies that received China Securities Regulatory Commission (CSRC) approval, Chipscreen, Anji Technology and TZTEK, submitted their registration applications on 11 June and additionally updated the registered drafts of their prospectuses, marking the official start of the Star Market’s offering registration procedure.

As of 13 June, six enterprises had received CSRC approval, the three mentioned plus RICOM, HYC Technology and Raytron Technology.

With the assistance of Llinks Law Offices, Shenzhen Chipscreen Biosciences was the first enterprise to submit an application to the CSRC for a listing on the Star Market. Chen Jun, a partner in Beijing at Llinks Law Offices, is one of the key lawyers involved in Chipscreen’s listing project.

Chen said that the Star Market, as a new independent board that is trying the registration system on a pilot basis, is an experiment in reform that differs substantially from existing securities boards in terms of its overall system design, listing conditions, information disclosure, mode of review, etc.

Chen said that enterprises that intended to list on the Star Market need to pay particular attention to two points. “The first is to do detailed fact finding on their scientific and technological innovation attribute,” he says. “In addition to high-tech industries and strategic emerging industries, such as new generation information technologies, high-end equipment, new materials, alternate energies, energy conversation/environmental protection and biopharmaceuticals, which are provided key support, leading enterprises in other industries that have key core technologies and outstanding science and technology innovation capabilities also satisfy the Star Market’s scientific and technological innovation attribute, but in order to evidence the enterprise’s own scientific and technological innovation attributes, more measurable and visual evidence is required in support.