China introduces refinancing rule on sci-tech innovation board

0 Comment(s)Print E-mail Xinhua, July 4, 2020
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China's top securities regulator on Friday introduced a refinancing rule for firms listed on the STAR market, the country's Nasdaq-style science and technology innovation board.

The rule applies to listed firms that intend to raise additional funding by issuing shares, convertible bonds, depository receipts and other securities approved by the China Securities Regulatory Commission (CSRC).

Simpler issuance terms and streamlined procedures are featured in the rule. The review process on the Shanghai Stock Exchange will take two months at most and registration with the SRC will take no more than 15 working days.

In the meantime, the rule strengthens the information disclosure requirements, asking companies to provide information on industry characteristics, business models, corporate governance, scientific research investment, among others.

Supervision and law enforcement will be strengthened to hold issuers, intermediaries, and other market entities accountable for violations of laws and regulations, according to the rule.

The sci-tech innovation board, also known as the STAR market, was inaugurated in June last year and was designed to focus on companies in the high-tech and strategic emerging sectors.

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