Shanghai’s hotly anticipated tech board vital to China’s global financial ambitions, says top official
- Authorities have approached a ‘handful’ of potential IPO candidates for eagerly anticipated new board in Shanghai and will soon release draft rules for listings
- The board is a key pillar of a new action plan to turn the city into one of the world’s top financial centres by next year
Chinese authorities said they have approached a “handful” of potential IPO candidates for the hotly anticipated new technology board in Shanghai and will soon release draft rules for listings.
The rules, to be sent out for a period of public consultation, will govern the listing threshold, trading mechanism and IPO review procedures for the Technology Innovation Board, top government officials said on Tuesday.
“We are approaching a handful of IPO prospects in several key technology sectors to help the securities regulator make preparations for the launch of the board,” said Zheng Yang, the director of the Shanghai Financial Services Office, at a joint news briefing of the Shanghai city government, the China Securities Regulatory Commission (CSRC) and the People’s Bank of China.
“Our office is responsible for serving the candidates, keeping them informed of the new rules before IPOs.”
He did not reveal the names of the IPO candidates.
The new board is a key pillar of a new action plan, unveiled at the briefing, to build the city into one of the world’s top financial centres by next year.
It is one of the most important moves by China’s leadership to deepen financial reforms and help Shanghai maintain its status as a pioneer of those reforms, said Zheng.