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Chinese Tech Companies Get a New Exchange in Shanghai
Published on: 2019-05-08
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041While China has some of the world’s biggest technology companies, many are listed in the U.S. and Hong Kong. First, there was a push to lure companies back with so-called Chinese depositary receipts, which would allow domestic investors to hold overseas-listed Chinese shares. The new bourse will relax rules on listing and trading, moves that Chinese leaders hope can one day be extended to other exchanges.

040The Shanghai Stock Exchange rolled out rules for the technology trading venue in March. Investors will need half a million yuan ($66,000) and two years of trading experience to participate. To balance the benefits of a less rigorous IPO system with the desire to rein in financial fraud, regulators have asked sponsoring brokerages to invest in the companies and lock-in their capital for a fixed period of time. Exchange officials say they will limit the review period for IPO applications to three months. While unprofitable firms are allowed to list, they must meet minimum requirements for market value, revenue, R&D or cash flow.

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