Lights, camera, action: there are celebrations as Lishui-based Zhejiang Wecome Pharmaceutical Co Ltd is listed on Shenzhen's ChiNext startup board. [Photo/lsnews.com.cn]

China's efforts to make its capital market more supportive for technological innovation made landmark progress on Aug 24, as reforms to the ChiNext share market start up board – located in the city of Shenzhen in China's southern Guangdong province – were put to the test amid a steady market performance, officials and experts said.

ChiNext's first group of 18 companies that listed, under the registration-based initial public offering system, made a stellar debut, according to local officials.

Among them was Zhejiang Wecome Pharmaceutical Co Ltd, based in Lishui city in East China's Zhejiang province.

It was the only modern Chinese medicine and Western medicine manufacturer among the 18 firms.

Wecome Pharmaceutical was founded in 2000 and the company has rapidly developed since then, with Chinese patent medicines as the main research and development focus and Western medicine as the auxiliary area of interest.

From 2017 to 2019, the operating revenue of Wecome Pharmaceutical came in at 406.53 million yuan ($58.81 million), 577.77 million yuan and 641.8 million yuan, respectively.