(Yicai Global) April 23 -- Chinese authorities have approved seven investment  funds targeting Shanghai's upcoming science and technology innovation  board, meaning ordinary investors can gain access to the market. 

The China Securities Regulatory Commission gave the go-ahead to China Asset  Management and six other firms yesterday, state-backed online news  outlet The Paper reported. They will be the first public funds to trade  in stocks from the board.

Prospectuses related to the funds are yet to be released so the investment scope  remains unknown. The funds will not only invest in the board but also in  tech stocks in existing markets, an insider said, adding they will  gradually focus more on the new index as more companies list once it  starts up. 

Involving greater risks than existing bourses, the board requires investors to  have more specialized knowledge. The Shanghai Stock Exchange set a  threshold of CNY500,000 (USD74,490) in assets and two years' investment  experience to participate. The funds will enable investors who do not meet the requirements to trade indirectly.

Editor: William Clegg