The Shanghai Stock Exchange is poised to approve the first three listings on the city’s upcoming Nasdaq-style Technology Innovation Board, accelerating China’s pace of support for technology companies amid its escalating trade war with the United States, reported the South China Morning Post.
The three IPO hopefuls are in the fields of semiconductors, biotechnology and artificial intelligence, and their applications will be heard on June 5.
“The first three companies, following rounds of examinations by exchange officials over the past two months, are set to secure a nod to launch IPOs,” said Ding Haifeng, a consultant with Shanghai Integrity Financial Consulting. “The hearing date in early June echoes speculation the new market will debut in the middle of this year.”
After hearings, companies that receive a green light from the Shanghai exchange, can start raising funds on the innovation board, subject to a final approval from the China Securities Regulatory Commission.