Preliminary work into the refinancing system of the ChiNext board, an exchange for high-tech startups in Shenzhen, Guangdong province, has wrapped up and followed all related procedures, said a spokesman for the China Securities Regulatory Commission on Friday.

Xiao Gang, chairman of the commission, said on Monday at a State Council conference that the CSRC would establish a refinancing system for the ChiNext board to provide fast and flexible financial solutions for small and medium-sized enterprises.

By the end of June, there were 355 companies listed on the ChiNext board; their initial financing from initial public offerings totaled 231 billion yuan ($37.6 billion).