Two more companies get to STAR market

Two more companies achieved initial public offering registration on China's STAR market, according to the China Securities Regulatory Commission on Sunday.

The STAR market, or the Nasdaq-styled new science and technology innovation board, is a registration-based IPO system launched on the Shanghai Stock Exchange.

The two companies - Ningbo Ronbay Lithium Battery Material Co Ltd, the new energy material enterprise concerning lithium batteries, and Shenzhen Appotronics Corporation Ltd, the laser display tech company - are set to raise about 2.6 billion yuan ($380 million) on the new tech board, prospectuses showed.

Ronbay's operating income last year was 3.04 billion yuan, an increase of 61.84 percent compared with a year earlier. Its net profit recorded 211 million yuan, a surge of 674.77 percent from 2017.

Appotronics saw a year-on-year increase of 71.96 percent in operating income to 1.39 billion yuan, and the company's net profit reached 212 million yuan, up 87.43 percent.

By the end of June, eight companies had successfully registered on the sci-tech innovation board for an IPO, according to CSRC.

HYC Technology, the Suzhou-based automatic detection equipment maker, became the first company to put its IPO on the market on June 19.