China greenlights two sci-tech innovation IPOs

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China’s securities regulator has approved the registration for the initial public offerings (IPOs) of two companies on the science and technology innovation board.

Shanghai based iRay Technology Co., Ltd. and 3Peak Incorporated located in Suzhou, east China’s Jiangsu Province, will be listed on the Shanghai Stock Exchange’s sci-tech innovation board, commonly known as the STAR market, according to the China Securities Regulatory Commission.

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

The STAR market, inaugurated in June last year and designed to support companies in the high-tech and strategic emerging sectors, eases listing criteria but adopts higher requirements for information disclosure.

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