The market rout in June has, however, delayed an immediate launch of the board, they said. Instead the bourse is planning to roll it out along with the registration-based mechanism for initial public offerings, the sources said.

Earlier media reports had said that the exchange was planning to launch the new board in the first half of next year.

But some analysts said that the launch of the board is unlikely to take place soon as the regulator and the exchange have been very cautious about the move, especially as the market is still absorbing the negative effect of the June crash.

The new board has been viewed as Shanghai's effort to compete with its domestic rival, the Shenzhen Stock Exchange, which has been successful in attracting listings from technology and innovation companies.

The new Shanghai board may also accommodate listings from some United States-listed Chinese companies that are seeking to go private and relist in the domestic market.