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China limits “bet-on agreements”, shareholding structure of firms seeking tech board listing

China has released more detailed requirements for companies seeking listing on the new Science and Technology Innovation board, including rules on the companies' shareholding structure and "bet-on agreements", among other issues.

Companies applying to list on the new Nasdaq-style technology board cannot have major stakeholders or actual controllers that are asset management plans, trust plans and private equity funds managed by financial institutions because such complex ownership structures make companies more opaque, according to a statement released by the Shanghai Stock Exchange on Monday.

If any of the above mentioned entities are major stakeholders, the applicant companies must . . .

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