A digital billboard is seen at the trading hall of Hong Kong Exchanges and Clearing Limited (HKEX) in Hong Kong, south China, Feb. 5, 2021. Video sharing app Kuaishou Technology went public on the Hong Kong stock market on Friday. TO GO WITH "Video sharing app Kuaishou debuts on Hong Kong market" (Xinhua/Wang Shen)
BEIJING, Sept. 18 (Xinhua) -- China Securities Regulatory Commission (CSRC), the country's securities watchdog, has decided to expand the pilot scope of red chip companies that it supports to go public on the main boards, STAR Market and ChiNext market, reported China Securities Journal on Saturday.
CSRC took the move to support the development of new and high-tech industries and strategically emerging industries for high-quality economic development.
Apart from the Internet, big data, cloud computing, artificial intelligence, software and integrated circuit, high-end equipment manufacturing and biomedicine, CSRC puts new generation of IT, new energy, new materials, new energy vehicle, green development and environmental protection, aviation and aerospace, and maritime equipment sectors into the basket of pilot industries in which it supports the related red chip companies to seek listing in the above-mentioned capital markets.
Moreover, red chip companies that have significant strategic meaning for the country are not restricted by the pilot scope of industries when applying for an inclusion.
But they are required to meet all the other requirements in CSRC's notice for innovative enterprises to pilot stocks or depository receipts issuance in China and other related rules.
Red chip companies are companies incorporated outside the Chinese mainland and listed in the stock exchange of Hong Kong. They generally operate their main business in the Chinese mainland and are partially owned by state-owned Chinese enterprises. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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