China received 108 applications for listing of local „Nasdaq“

Chinese regulatory authorities responsible for securities trading, received 108 applications for conducting initial public offering (IPO) planned to start a new market for companies, which is similar to state Nasdaq, reported AFP, referring to state Chinese media.
Up to three months will require a regulator to complete the evaluation of each application, the first listing is expected to be held soon at the end of October.
Most companies candidates are innovative sectors such as biomedicine and environmental protection.
According to the previously announced rules companies who want to foliate the new Exchange, which is called Growth Enterprise Market, should have a total net profit of at least 10 million yuana (1.5 million) for two years before the leaves.
Furthermore, net assets must account for at least 20 million yuana and operate at least three years.
Compared to the listing of the main exchanges in the country requires a net profit of at least 30 million yuana a three-year period.
Just as the New York Nasdaq, the new exchange will aim to offer the development of companies with high growth potential.

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