科创板真的来了，这3个问题很关键

散户、科创板、注册制、市值、基本面

用英语怎么说？

1. 科创板有何与众不同之处？

2. 哪些公司将率先上市？

3. 每个股民都可以参与吗？

01

Shanghai’s upcoming Technology Innovation Board （科创板）on Friday green lit （green light的过去式，开绿灯，比喻通过） the initial public offering  （首次公开发行，就是常说的IPO） applications of nine technology companies.

The board, ordered by Chinese President Xi Jinping in November, began accepting listing documents （上市文件） last Monday and allowed the firms to proceed with （继续） their application process after a five-day review process.

The board, a Nasdaq-style market, also started a countdown （倒计时） to its trading debut （开始交易）, with regulators expecting to launch it in mid-2019. 

02

The companies given the go-ahead （许可，放行，地道的说法哦） are from the fields of basic science, robotics, new material and chip making （芯片制造）, with no e-commerce or internet-related firms in the running （参加）.

Amlogic （晶晨半导体）, which focuses on designing integrated circuits （集成电路）, was the new technology board’s first IPO applicant.

“The companies show that the new board will aim to boost the real economy （推动实体经济） and help China to enhance its manufacturing might （might在这里表示实力，不是也许哦）,” said Cao Hua. 

03

“To ensure initial success on the board, the first nine firms selected have solid fundamentals （扎实的基本面）.”

The average market capitalisation （市值） of the chosen companies is estimated at 7.28 billion yuan (US$1.08 billion).

The China Securities Regulatory Commission （证监会） will allow a wide range of technology companies, including unprofitable firms, pre-revenue （还没有收入的） biotechnology start-ups and foreign-funded mainland businesses using variable interest entities （VIE可变利益实体） structures, to raise funds （募集资金） on the new board.

04

With the new board, the regulator will for the first time use a registration-based system （注册制）  to approve IPO issuances （发行）. 

The new mechanism will require companies to fully disclose （披露） earnings and operations when they file their application. The regulator will then allow them to raise funds after ensuring the veracity （真实性） of their information.

“The new market will see a strong buying interest from investors given its high profile （备受关注） and the support it receives from top officials,” said He Yan. “Regulators will still be concerned about roller-coaster rides （坐过山车，比喻剧烈波动） on the market when trading starts.”

05

The Shanghai exchange said it would take less than three months to assess IPO applicants before granting approvals.

To curb （抑制） the typically over speculative mood （投机情绪） of mainland China’s retail investors （散户）, the regulator will allow only individuals with at least 500,000 yuan in investment capital and two years of equity trading （股票交易） experience to access the new board.

文章来源： SCMP

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