(Yicai Global) June 20 -- Endovascular MedTech, a unit under medical manufacturer MicroPort Scientific, is set to become the first company spun off onto Shanghai's new Nasdaq-style board for innovators in the science and technology sector.

The Shanghai-based firm's subsidiary passed its listing review for the new board, known as the Shanghai Stock Exchange STAR Market, yesterday, the review committee said in a statement the same day. Four other companies also passed and all five will began registration procedures soon.

Endovascular MedTech is China's leading domestic maker of devices for the aortic vessel. Only United States-based Medtronic has a larger share of the Chinese market.

Eight other firms already listed on the Chinese mainland or in Hong Kong have also disclosed plans to spin off their subsidiaries onto the STAR Market and analysts predict that many more will do the same as they look to bump up their own share price, according to Sina Finance.

The new board has accepted 124 listing applications so far. Three firms have already registered, eight are in the process of registering, five have passed reviews and 93 are under inquiry.  The first companies to list on the board are expected to do so in August, SSE Chairman Huang Hongyuan said earlier this month.

Editor: James Boynton