Regulations for new Shanghai bourse board come into effect

Regulations for China's science and technology innovation board at the Shanghai bourse took effect late on Friday, commencing tech companies' listing application process.

The China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange released the rules and regulations on their respective websites Friday night, having modified them to reflect public submissions on an earlier draft version.

Companies to go public on the new board should be operating at the forefront of global science and tech, as well as serving China's major needs and prime economic development directions, according to regulations released by CSRC.

The new board will feature a registration-based listing system that prioritizes information disclosure, according to CSRC. "Responsibilities of issuers and other relevant entities in information disclosure shall be strictly exercised," it said.

The regulations outline tailored information-disclosure rules for scientific and technological innovation enterprises, with increased requirements for industry information and operating risks, CSRC said.

CSRC has said it will work together with relevant bodies in the review of listing applications and the registration of the board's new shares, along with seeing to technical work needed to launch the new board.