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The Science and Technology Innovation Board (STIB), China¡¯s eagerly awaited new listing platform, has been placed on the fast track since the start of this year. About 100 companies have already filed their applications for initial public offerings on the STIB. The opening date has yet to be confirmed, but should be soon. Technified explores the changes that might be brought by the STIB. The new board is designed for technology companies, which are regarded by some as the most important pillar of a mature and successful securities market today. The pilot trial of the registration system is a key feature of the STIB, other than the current approval system for IPO applications in the A-share market. It is widely believed in industry circles that the ultimate implementation of the registration system is closely tied to the success or failure of the STIB.

The listing requirements are more relaxed. Loss-making companies, companies with variable interest entity (VIE)/red-chip structures, subsidiaries of listed companies, and enterprises with dual-class share arrangements are all permitted to list. However, the delisting system has at the same time been strengthened. ¡°Relaxed entry and strict exit¡± can be used to summarize the regulatory philosophy of the STIB. People are waiting to see whether the new board will help produce world-class technology companies in China.