6月13日，中国国际电视台播出上海交通大学上海高级金融学院副院长、金融学教授严弘采访报道，对于当日正式开板的科创板，严弘表示，科创板所实行的注册制的关键在于执行严格的信披和惩罚机制。

New tech board a giant step in China's financial reforms

China's capital markets welcomed the launch of the new Science and Technology Innovation Board with much fanfare on Thursday. Yang Chengxi has more.

It's official. The launch of the new Science and Technology Innovation Board is here, much to the delight of experts, investors and others.

YANG CHENGXI SHANGHAI "There was much excitement in the room. Although China has similar boards for early-stage high-tech companies, this one has an important new feature: a registration system instead of approvals."

YAN HONG, PROFESSOR SHANGHAI ADVANCED INSTITUTE OF FINANCE "The key for the registration system to work is to have strict enforcement of information disclosure, and also a strict punishment mechanism for violators. Now, the pricing power is returned to the market. That's also how international markets like NASDAQ have functioned in the last several decades."

119 Chinese companies have applied and currently, 6 of them have passed review and are slated to list soon.

BROCK SILVERS, MANAGING DIRECTOR KAIYUAN CAPITAL "There's going to be a real benefit for the first wave of companies that list, because there will be an initial burst of enthusiasm and they will find some support. But after that first wave, the only way that enthusiasm maintains itself is if the companies are performing as advertised."

The new board has aspects that investors like: wider price fluctuation limits, flexible buy and sell volume and market-oriented IPO pricing. Officials say investors should get used to the risks associated with them.

YI HUIMAN, CHAIRMAN CHINA SECURITIES REGULATORY COMMISSION "It will be normal for companies to unlist from the market. Market-based pricing means there's potential for companies to be overvalued, hyped and prices can fluctuate dramatically. Investors should be more rational."

Experts say the way for people to approach investing at the new board should mature too.

YAN HONG, PROFESSOR SHANGHAI ADVANCED INSTITUTE OF FINANCE "It requires a lot more sophistication on the part of the investor to understand what the disclosed information means, and how you can glean from this information to determine the value of a company. So it requires a lot of specialty. That's why in this market, it's going to be a market for institutional investors and sophisticated investors."

The majority of the companies that have applied to list are high-tech oriented firms and for good reason. Under the original approval system, there were many requirements for listings geared towards traditional business models, for example, a sustained period of profitability. However, many of today's high-tech firms have invested a huge amount of R&D and marketing, meaning they will only gain profit at a later stage. Experts say the new board is aimed at promoting innovation across the country.