Shanghai Stock Exchange Photo:CFP

 

The Shanghai Stock Exchange (SSE) on Tuesday released the first batch of three enterprises listed on a sci-tech growth tier on the country's Nasdaq-style Science and Technology Innovation Board, also known as the STAR Market, the Xinhua News Agency reported.

Li Chao, vice chairman with China Securities Regulatory Commission (CSRC), said at a listing ceremony on Tuesday that the latest move marks a new step indicating the capital market's support for technological innovation and the development of new quality productive forces.

Li noted the role of the STAR Market as a "test ground" for reforms is becoming increasingly apparent and has led the continuous improvement of the basic systems of the entire market, and has strongly supported a number of high-tech companies in the fields such as integrated circuits, biomedicine, with accelerating momentum to serve technological innovation.

The move came after the CSRC, the country's top securities industry regulator, announced on June 18 the setting up of the sci-tech growth tier, highlighting better support for high-quality tech enterprises that are not profitable yet.

Boosted by a series of the government's supportive measures and the strong economic fundamentals, China's benchmark Shanghai Composite Index briefly surpassed 4,000 points during trading on Tuesday morning, reaching its highest level since August 19,2015.

On Monday, CSRC said in a document seen on its website on Monday that it will optimize the pricing mechanism for new share issuance and the rules for margin trading, and strengthen oversight over algorithmic trading, to protect small- and medium-sized investors.

Authorities will crack down on insider trading, market manipulation, and misleading and fabricated online information that disrupts the securities and futures markets, CSRC said.

Global Times