BEIJING, June 16 (Xinhua) -- ChiNext market, China's Nasdaq-style board of growth enterprises, is expected to usher in a combined 119.812 billion yuan initial public offering (IPO) applications by enterprises adapting to the registration-based stock issuance by June 29, reported sector portal Securities Daily Tuesday.
The IPO applications are likely to be filed by the 183 IPO applicants already queuing for approval from the China Securities Regulatory Commission (CSRC), the sector watchdog, by June 15.
Previously on June 12, Shenzhen Stock Exchange (SZSE) issued a notice on transitional-period IPO approval-related work for piloting registration-based stock issuance reform on ChiNext board, requiring enterprises having applied for IPOs on the market by June 15 to refile for their IPOs during June 15 and 29.
Zhang Lei, executive committee member with Huatai United Securities said as the transitional period IPO applicants mostly meet requirements of the first set of listing standards, they are likely to apply for IPOs pursuant to it thus no big changes of their prospectuses are needed, making them possible to finish IPO refiling before June 29.
Since debut of registration-based stock issuance reform on ChiNext on June 12, five sets of standards have been established for listing of common profit-generating companies, of which only the first set of the standards have no requirements on market capitalization of to-be-listed companies.
Yang Delong, chief economist with First Seafront Fund said ChiNext market is likely to embrace the first batch of registration-based IPOs as early as in August given experience from the STAR market.
As Yang noted, it took more than four months for the STAR market to formally open trading since its start of accepting IPO applications therefore it would take less time between debut of ChiNext's registration-based stock issuance reform and its first batch of IPOs after the reform. (Edited by Duan Jing with Xinhua Silk Road, firstname.lastname@example.org)