(Yicai Global) March 7 -- Over 10 Chinese brokerages, including Haitong Securities, have started taking applications from investors to open accounts in the run-up to launching the science and technology innovation board.
At least 13 brokerages have introduced an online reservation service since the start of this week, Securities Times reported, citing incomplete statistics.
The sci-tech innovation board aims to make it easier for Chinese technology startups to go public in Shanghai and the new market is deemed to be launched in the first half of this year. Stocks on the board are expected to pose higher risks than those on the existent two mainland bourses.
Lines at Beijing's related investment venues have been modest, according to the report. Clients who are able to open an account are an exclusive group that has found the relevant information online, an account manager said to Securities Times.
The potential investors are experienced and their most popular question is when can they open the account, the account manager added. The booking system involves a risk assessment test but the most selective part of the process comes from the board itself. Traders need to prove more than two years of investment experience and a daily account balance of more than CNY500,000 (USD74,600) on average.
Editor: Emmi Laine