Skycam Defense Technology Co, a high-tech firm that makes public safety and defense systems. Photo:IC

Skycam Defense Technology Co, a high-tech firm that makes public safety and defense systems, began trading on the Shanghai NASDAQ-style STAR Market on Wednesday, becoming the first company to move from the Beijing Stock Exchange (BSE).

The shares closed at 16.71 yuan ($2.5), 23.63 percent lower than the previous trading session. 

"The green channel from the BSE to Shanghai's STAR board and the tech-heavy ChiNext market on the Shenzhen Stock Exchange has been successfully launched, which is of great significance to improving the share liquidity and financing capabilities of companies that want to use the transfer system," Dong Shaopeng, an expert advisor for the China Securities Regulatory Commission, told the Global Times on Wednesday.

"Different companies can gain resources via different boards that suit them, which reflects the progress of China's move to build a multi-dimensional capital market," Dong noted.

The transferred listing is also of significance for domestic stock exchanges to enhance their market influence, he added.

The relatively young BSE offers a link in the transfer system - that is, it absorbs high-quality small and medium-sized enterprises (SMEs) from the selected layer of the National Equities Exchange and Quotations (NEEQ), also known as the "new third board," and delivers them to the STAR Market or ChiNext board, opening an upward channel for the SMEs.

The Shanghai and Shenzhen bourses announced in March their board-transfer regulations for companies listed on the BSE.

"With the new platform after the transfer, the company believes that it can use more mature financial products of the STAR board to improve its technological strength and business development, and contribute more to the nation's anti-drug drive," a representative of Skycam Defense said.

As a leading unmanned aerial vehicle (UAV) anti-drug services provider in China, Skycam Defense's main businesses cover UAV flight services and data processing, as well as research and development, production and sales of UAV systems and intelligent defense equipment.

As the first company to transfer its listing, the company has set an example for other firms. It is foreseeable that more firms will join the transfer league in the future, experts said.

Highbroad Advanced Material (Hefei) Co and Shiyan Taixiang Industry Co are now planning such transfers, but unlike Skycam Defense, the two companies are heading for the ChiNext for listing.

The newly established BSE started trading in November last year, a key step in China's efforts to deepen capital market reform and support small businesses.

In the latest efforts to support SMEs, the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council said in a statement on Wednesday that centrally administered enterprises should speed up original technology innovations, work with various entities including SMEs to tackle key problems, and help the industrial chain and supply chain.