Sci-tech board tipped to unleash IPO flood

BEIJING - China is preparing for the launch of a science and technology innovation board by the end of June this year, in a bid to leverage financial reforms to boost the development of the high-tech sector and to advance the transitioning economy.

China International Capital Corporation expected that about 150 firms will be listed on the new board this year, raising 50 billion yuan ($7.46 billion) to 100 billion yuan.

The China Securities Regulatory Commission, the regulator, has also said that it is top priority for the time being to establish the science and technology innovation board and to introduce the pilot registration-based initial public offerings system.