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Green light for 7 GEB suitors

Green light;GEB

The securities watchdog yesterday gave seven companies the green light for initial public offerings (IPO) on the to-be-launched growth enterprise board (GEB) anticipating the turnaround in the bourses to help boost investor sentiments.

A total of seven companies have entered the primary IPO review procedures yesterday. All the companies have met the listing requirements for the main board in terms of financial indicators.

According the companies' prospectuses, their accumulated net profit in the past three years has surpassed 30 million yuan ($4.4 million), the minimum threshold for listing on China's main board.

One of the firms, Lepu Medical Technology (Beijing) Co even posted 415 million yuan of accumulated net profit over the past three years.

"Besides the financial requirement for the GEB companies, we also pay much attention to the companies' information disclosure, growth prospects and the ability to innovate," said Jiang Xinhong, an experienced accountant and a member of the IPO review committee for the GEB.

According to the China Securities Regulatory Commission (CSRC), 149 companies have submitted applications for listing on the GEB, which intends to raise a combined 33.6 billion yuan.

Though there are some market apprehensions that to-be-launched GEB may derail the rebound of the main board, industry analysts said there is no need for panic.

"The capital raised by these small- and medium-sized enterprises (SMEs) is quite limited. Even if all the 149 companies get approval, the total capital raised would be less than one blue-chip on the main board," said Lu Junlong, analyst, China Finance Online, a NASDAQ-listed finance group.

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 Source : China Daily  Editor: Ivy
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