China greenlights two IPOs on sci-tech innovation board

BEIJING - China's securities regulator has given the nod to the registration of the initial public offering (IPO) of two more companies on the science and technology innovation board.

QuantumCTek Co Ltd, a manufacturer and provider of quantum information technology-enabled ICT security products and services, and Nanjing Develop Advanced Manufacturing Co Ltd 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.

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

The two companies and their underwriters will confirm the IPO dates and publish the 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.