Companies approved for listing on China’s new NASDAQ-style Growth Enterprise Board will begin selling shares in their initial public offerings from this Friday, as regulators prepare to review more applications.
By yesterday, 10 companies had issued a prospectus for listing on the new board, run by the Shenzhen Stock Exchange, which is meant to nurture private companies that struggle to get financing in a system favoring big state enterprises.
The China Securities Regulatory Commission has approved all 13 companies that have applied to list shares. Two more batches are to be reviewed this week, Chinese state-run television reported.
No date has been announced for the start of trading on the new exchange, but news reports say it could be as early as next month.
It will be located in Shenzhen, the southern financial center near Hong Kong that is the site of the smaller of China’s two stock exchanges.
The companies that have issued a prospectus on the Shenzhen Stock Exchange’s Web site are: Qingdao Tgood Electric Co (青島特銳德電氣), Beijing Ultrapower Software Co (北京神州泰嶽軟件), Lepu Medical Technology (Beijing) Co (樂普北京醫療器械), Nanfang Ventilator Co (南方風機), Beijing Toread Outdoor Product Co (北京探路者戶外用品), Chongqing Lummy Pharmaceutical Co (重慶萊美藥業), Henan Hanwei Electronics Co (河南漢威電子), Shanghai Bestway Marine Engineering Design Co (上海佳豪船舶工程設計), Anhui Anke Biotechnology (Group) Ltd (安徽安科生物學工程集團) and Beijing Lanxum Technology Co (北京立思辰科技).
The companies — trading in pharmaceuticals, technology and software — plan to issue a total of 246.1 million shares and hope to raise more than 2 billion yuan (US$300 million), state media have reported.
The government received 108 applications for listing on the new board the day it started accepting proposals, July 26.
Although the size of the share offerings is dwarfed by those of much bigger companies on the main boards in Shenzhen and Shanghai, the exchange offers a new option for Chinese investors. Foreign investors are largely excluded from trading in yuan-denominated shares.
Napoleon Osorio is proud of being the first taxi driver to have accepted payment in bitcoin in the first country in the world to make the cryptocurrency legal tender: El Salvador. He credits Salvadoran President Nayib Bukele’s decision to bank on bitcoin three years ago with changing his life. “Before I was unemployed... And now I have my own business,” said the 39-year-old businessman, who uses an app to charge for rides in bitcoin and now runs his own car rental company. Three years ago the leader of the Central American nation took a huge gamble when he put bitcoin
Demand for artificial intelligence (AI) chips should spur growth for the semiconductor industry over the next few years, the CEO of a major supplier to Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said, dismissing concerns that investors had misjudged the pace and extent of spending on AI. While the global chip market has grown about 8 percent annually over the past 20 years, AI semiconductors should grow at a much higher rate going forward, Scientech Corp (辛耘) chief executive officer Hsu Ming-chi (許明琪) told Bloomberg Television. “This booming of the AI industry has just begun,” Hsu said. “For the most prominent
PARTNERSHIPS: TSMC said it has been working with multiple memorychip makers for more than two years to provide a full spectrum of solutions to address AI demand Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it has been collaborating with multiple memorychip makers in high-bandwidth memory (HBM) used in artificial intelligence (AI) applications for more than two years, refuting South Korean media report's about an unprecedented partnership with Samsung Electronics Co. As Samsung is competing with TSMC for a bigger foundry business, any cooperation between the two technology heavyweights would catch the eyes of investors and experts in the semiconductor industry. “We have been working with memory partners, including Micron, Samsung Memory and SK Hynix, on HBM solutions for more than two years, aiming to advance 3D integrated circuit
NATURAL PARTNERS: Taiwan and Japan have complementary dominant supply chain positions, are geographically and culturally close, and have similar work ethics Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and other related companies would add ¥11.2 trillion (US$78.31 billion) to Japan’s chipmaking hot spot Kumamoto Prefecture over the next decade, a local bank’s analysis said. Kyushu Financial Group, a lender based in Kumamoto’s capital, almost doubled its projection for the economic impact that the chip sector would bring to the region compared to its estimate a year earlier, a presentation on Thursday said. The bank said that 171 firms had made new investments since November 2021, up from 90 in an earlier analysis. TSMC’s Kumamoto location was once a sleepy farming area, but has undergone