China approves two IPOs on sci-tech innovation board

BEIJING - China's securities regulator approved the initial public offering (IPO) applications of two companies on the science and technology innovation board.

Shanghai Haohai Biological Technology Co Ltd and Jiangsu Cnano Technology Co Ltd have been approved to be listed on the sci-tech innovation board, the China Securities Regulatory Commission (CSRC) said in a statement Monday afternoon.

It did not specify the total amount of funds to be raised.

The companies and their underwriters will confirm IPO dates and publish their prospectuses following discussions with the stock exchanges.

The sci-tech innovation board, inaugurated on June 13, is designed to focus on companies in the high-tech and strategic emerging sectors, such as new-generation information technology, advanced equipment, new materials, new energy, energy saving and environmental protection and biomedicine.

It will ease the listing criteria, such as allowing firms that have yet to make a profit to list, but they will adopt higher requirements for information disclosure.