Some threshold requirements for the new  sci-tech innovation board 
2019-02-01
(For soliciting public opinions until March 1, 2019) 
IPO mechanism:
A registration-based procedure with six to nine months of preliminary check by the Shanghai Stock Exchange and 20 working days for registration by the China Securities Regulatory Commission
Investors: 
Investors should have share assets of no less than 500,000 yuan (US$74,600); 
At least two years of share transaction experience; 
For investors with less than 500,000 yuan in share assets, they may participate through the purchase of public mutual funds.
Corporate applicants should meet either one of the following criteria:
Companies with 1-billion-yuan market value, making profit in the recent two years and with a total net profit of no less than 50 million yuan; or companies with 1-billion-yuan market value, making profit in the recent one year and having revenue of no less than 10 million yuan;
Companies in strategic industries with more than 1.5-billion-yuan market value and more than 200-million-yuan revenue, of which at least 15 percent has been spent on research and development in the recent three years;
Unprofitable companies with steady cash flow which have 2-billion-yuan market value, 300-million-yuan revenue and more than 100-million-yuan cash flow in the recent three years;
Unprofitable companies with 3-billion-yuan market value and 300-million-yuan revenue;
Strategically important tech companies such as biomedicine firms with at least 4-billion-yuan market value
Pricing:
Market-based quotations by institutional investors
Daily trading range:
Up or down by 20 percent; 
None for the first five trading days
Exit:
Negative net profit value of core business;
Negative net asset value;
Tampering with financial results
