So far, Wuxi has 102 enterprises listed on the New Third Board, the pilot national share transfer system for small and medium-sized enterprises (SMEs), according to the Wuxi financial affairs office.
The number accounts for 2.1 percent of all listed businesses on the New Third Board. Total capital stock of the Wuxi companies is 3.87 billion shares.
In addition, another 50 enterprises are waiting for approval or preparing for application.
According to the office, 2014 saw 37 Wuxi medium and small sized companies go public on the New Third Board, and 65 new ones were listed on the board this year as of Dec 18 – the growth rate reached 168.42 percent. The listed medium and small sized companies raised a total of 870 million yuan ($134.15 million).
Wuxi New District has the most listed firms, with 30, or 29.41 percent, followed by Jiangyin county, with 23.
Forty-two businesses, or 41.18 percent, are involved in the industries, and 23, or 22.55 percent, are involved in materials.
Recently, Wuxi has paid a great deal of attention to emerging industries, such as the Internet of things, cloud computing, industrial design, culture creativity, biological medicine and software and service outsourcing industries, to upgrade its industrial base.
After being traded on the New Third Board, these SMEs have gained more opportunity to expand and enhance their corporate image.
The New Third Board, or National Equities Exchange and Quotation system, serves as a national share transfer system for SMEs to transfer shares and raise funds.
Most of the firms on the New Third Board are engaged in innovative high-tech sectors, covering high-end manufacturing, information transmission, software, research and development, technological solutions and cultural services.
A majority of SMEs in China are struggling with financing, regardless of whether they are trying direct or indirect ways of raising money, and are encumbered by intrinsic factors such as high risks for start-ups, lack of information and an opaque financial condition.
Prompted by the situation, the New Third Board was initiated in 2006 as an experimental platform to facilitate financing for China's non-listed small and promising high-tech enterprises in Beijing's Zhongguancun Science Park. Companies nationwide are now allowed to file applications.
The present system was officially established on Jan 16, 2013 after years of trials in cities including Shanghai, Wuhan and Tianjin.
It complements the existing main board, the SME board and the ChiNext board, being seen as an easier financing channel with low costs, simple listing procedures and a short application period for start-up firms unqualified to be listed on major exchanges.
