China on Thursday officially launched Shanghai's Nasdaq-style tech board, w...
SHANGHAI - China on Thursday officially launched Shanghai’s Nasdaq-style tech board, with the country’s top securities regulator cautioning that the hotly-anticipated STAR Market will face various challenges initially.
First announced by President Xi Jinping in November, Shanghai’s new tech board is largely seen as Beijing’s move to become self-sufficient in core technologies such as chips, IT and biotech. So far, 120 companies have applied to list on the board. It will also do 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.
In addition, demand will exceed supply initially, so “you cannot rule out the possibility of short-term speculation, and high volatilities,” he added, urging investors to be rational, and pay attention to information disclosure.
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