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China reviewing first IPOs on new exchange

China reviewing first IPOs on new exchange

Regulators will review the first applications for initial public offerings on China's planned small-company stock exchange this week as it moves closer to its launch, a government newspaper said Monday.
The Growth Enterprise Board is meant to nurture private companies that struggle to get financing in a system that favors state enterprises. No date has been announced for trading to start but news reports say it could be as early as next month.
IPO applications from seven companies will be reviewed at a meeting Thursday, the China Securities Journal said, citing an unnamed official. It said they are in the pharmaceutical, technology and software industries and hope to raise a total of 2.2 billion yuan ($322 million).
The Growth Enterprise Board is due to be located in Shenzhen, the southern financial center that is the site of one of China's two stock exchanges.
The government received 108 applications for listing on the new board the day it started accepting proposals July 26.
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Associated Press researcher Bonnie Cao in Beijing contributed to this report.


Updated : 2021-10-18 00:11 GMT+08:00