BEIJING, Nov. 11 (Xinhua) -- Listed firms on China's science and technology innovation board (STAR) are expected to raise over 100 billion yuan (about 14.31 billion U.S. dollars) by the end of the year, Securities Daily reported Monday.
The number of companies listed on the board may surpass 100 by the end of 2019, said the paper, citing the latest report issued by Deloitte.
As of Nov. 5, combined funds raised by the 51 STAR market listed firms came in at 66.5 billion yuan, with over 70 percent of companies raising more funds than the amount needed by their investment projects, data from the Shanghai Stock Exchange (SSE) showed.
Performance of the STAR market during the past year could be described as "meeting expectations with stable performance," said Yi Huiman, chairman of the China Securities Regulatory Commission, in an interview in early November.
According to STAR market regulations, firms on the board are encouraged to invest the raised funds in science and technology innovation. Meanwhile, issuers are required to disclose their management mechanisms for the raised capital as well as detailed spending plans for sci-tech innovation.
China's science and technology innovation board, or the Nasdaq-style high-tech board, was launched on the SSE on July 22, 2019 and practices a registration-based IPO system.