7 firms approved on GEM board

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The Chinese Securities Regulatory Commission has approved all seven companies which applied to be listed on the Growth Enterprise Market Board, a Nasdaq style market that will come up soon.

Qingdao TGOOD Electric and Nanfang Ventilator were the first to pass the review. Their presidents expressed their satisfaction.

Yu Dexiang, President of Tgood Electric said "We have been preparing for years. We were nervous, but happy. Listing on the GEM Board could make financing easier. We are looking forward to expanding production and investment."

Yang Zishan, President of Nanfang Ventilator said "Listing on the GEM Board could boost the development of smaller companies. I am confident that the price of our company's stocks will rise."

Every applicant was required to answer questions raised by verification commissioners at the review meeting.

Zhu Zengjin, GEM Verification Commissioner said "Among the verification commissioners, two have studied law, four have studied accounting, and one has worked in the securities sector. So these people could check applicants from various aspects, making the result more fair."

The first group of seven enterprises aims to raise a total of 2.2 billion yuan in the market. They are expected to be listed as early as October. The regulator says it has so far received a total of 155 IPO applications to list on the NASDAQ-style board, 149 of which have been accepted.