Source:
https://scmp.com/business/companies/article/3015145/first-tech-company-gets-green-light-price-its-ipo-trading-debut
Business/ Companies

First tech company gets green light to price its IPO before trading debut of Shanghai’s new STAR Market, as analysts predict buying frenzy

  • IPOs are likely to be heavily oversubscribed as investors vie to back promising young firms due to list on the new tech board, analysts said
  • Suzhou HYC Technology said it would begin price consultation with institutions for its IPO, expected to raise 1 billion yuan (US$144.9 million)
Chinese technology firms have come under pressure from the US, increasing Beijing’s urgency to launch the new fundraising platform to support domestic innovation. Photo: EPA

The Shanghai Stock Exchange has given the green light for the first company to start book building ahead of its listing on the eagerly-awaited technology innovation board.

It is likely to trigger a buying frenzy among investors keen to back promising young firms due to list on the new STAR Market, analysts said.