China's "new Third Board" Companies Speed Up Innovation Drive
Sumaira FH Published May 20, 2024 | 12:30 PM
BEIJING, (UrduPoint / Pakistan Point News - 20th May, 2024) Companies listed on China's "new third board," a financing platform for small and medium-sized enterprises (SMEs), have accelerated their innovation drive, with more firms upgraded to the board's innovation layer.
The National Equities Exchange and Quotations (NEEQ) said 226 companies transferred to the layer on Monday, enhancing the innovation momentum of SMEs.
The NEEQ innovation layer focuses on sci-tech innovation companies and has special thresholds for profits, revenue, and capitalization. Companies in the layer are considered reserves for the higher-level Beijing Stock Exchange.
More than half of the 226 companies reported net profits of over 30 million Yuan (4.22 million U.S. Dollars), 73 companies are identified as national innovative SMEs, and three are engaged in high-tech industries, such as genetic testing and new drug research and development.
This new batch of companies features characteristics such as high profitability and high growth, the NEEQ said.
The average operating income and net profit of these companies in 2023 were 407 million yuan and 40.18 million yuan, respectively, 54.17 percent and 300.21 percent higher than the reading for the entire board.
The NEEQ eyes these companies to help further improve the quality of the innovation layer, which currently owns over 2,000 companies, and promised greater support for the development of SMEs in the capital market.
Launched in 2013, the NEEQ offers SMEs a financing channel with low costs and simple listing procedures. In 2023, companies on the board raised 18.02 billion yuan mainly to replenish liquidity and pay back loans
Recent Stories
Pakistan weather during Eid-ul-Azha holidays
Finance Minister optimistic on Pakistan-IMF talks
PCB chairman calls for support for national team amid T20 World Cup 2024
PM proposes formation of committee to resolve political issues
Girl raped in Lahore by doctor she met through matrimonial app
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 13 June 2024
Today Gold Rate in Pakistan 13 June 2024
Govt earmarks Rs 267,952 mln for various ongoing, new schemes of power sector
Science & Technology sector receives allocation of Rs. 7,000 million in PSDP 202 ..
Rs. 25,000 million allocated for PAEC in PSDP 2024-25
BISE staffers sports competitions concluded
Rs. 765 million allocated for National Heritage & Culture Division
More Stories From Business
-
Gold rates decrease by Rs.1,200 to Rs.240,700 per tola
42 minutes ago -
KPRA gives deadlines to wedding halls to opt either fixed tax or percentage
1 hour ago -
Finance Minister optimistic on Pakistan-IMF talks
1 hour ago -
Single digit tax to GDP ratio not sustainable: Finance Minister
1 hour ago -
25 illegal LPG outlets sealed
3 hours ago -
Exchange rates for currency notes
5 hours ago
-
Foreign exchange rates
6 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 13 June 2024
6 hours ago -
Today Gold Rate in Pakistan 13 June 2024
7 hours ago -
Science & Technology sector receives allocation of Rs. 7,000 million in PSDP 2024-25
15 hours ago -
Govt earmarks Rs. 7,257.997 million for Aviation Division in PSDP 2024-25
16 hours ago -
Govt allocates Rs 157593 mln under PSDP for provinces, special areas
16 hours ago