China Securities Regulatory Commission (CSRC), the country's securities watchdog, said on Monday that it would start accepting applications from companies interested in listing on Shenzhen's soon-to-be-established Growth Enterprise Board (GEB) from July 26.

CSRC also announced that firms that had already applied to be listed on the main boards of the country's stock exchanges, could choose to list on the new board instead.

The new Nasdaq-style board will focus on companies that specialize in areas such as new energy, bio-pharmaceuticals, electronics & information technology and energy-saving technologies. The board will also welcome firms with a strong focus on innovative business models and technology and with larger market shares, the CSRC said.

According to CSRC, in the initial phase of the new board's operation, a company that applies to list on the GEB needs to be recommended by two sponsors.

Although officials from the China Securities Regulatory Commission did not reveal an exact date for the launch of the new board, media reports speculate that the GEB will open within the next three months.