Chinese companies and investors are lining up in spades to take part in Shanghai...
SHANGHAI - Chinese companies and investors are lining up in spades to take part in Shanghai’s new Nasdaq-style tech board, with a groundswell of patriotic support surging further after the U.S. blacklisting of telecom firm Huawei inflamed trade tensions.
On the investment side, there’s been a rush to launch tech-focused mutual funds, with about 100 currently seeking approval, data from the China Securities Regulatory Commission shows. Since late May, 12 such funds targeting the new board, each with a fundraising cap of 1 billion yuan , have been launched.
“It’s essentially a tug of war around industry supply chains and core technologies,” he said, adding that as the two economic powers vie for tech supremacy, exchange staff were working day and night seven days a week to make the new board a success.Washington’s ban in May on U.S. firms doing business with Huawei without government approval highlighted gaps in China’s tech prowess and has fueled patriotic enthusiasm for the board.
In addition to allowing loss-making firms to list, the new board is doing away with paternalistic guidance from regulators on IPO pricing and timing - developments that have some bankers and investors calling it China’s boldest market reform yet. Compared to the United States, stock market investment in China’s tech sector has been low, in part due to stricter listing requirements around profitability.
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