China put the finishing touches on the regulations for innovation similar to the Nasdaq, which is to prepare the way for the IPO of Chinese technology, and if it works, it raises the prestige of Shanghai as a competitor to raise capital to Hong Kong and New York.
Published the regulatory authority of the stock market late on Friday, the rules of the board of technology after studying the public's views on the draft regulations that were introduced on 30 January. It came into effect immediately.
The lists on the new board will be operated according to a registration system that limits the official powers to control the timing of the subscription. In addition, some hitherto unprofitable companies will be allowed to appear in public.
These provisions alleviate two major obstacles for companies seeking to take advantage of China's Capital Markets.
I've always wanted China to recognize its heroes in a technology closer to home, but many of the most famous Chinese technology companies, including Alibaba (NYSE: BABA) Group Co Ltd and Tencent Holdings, has chosen to collect funds in the international markets.
Formed New York and Hong Kong about 70 per cent of the funds collected through IPOs, Chinese last year.
In other plans the banner of the new board is progressing, reported Caixin financial news that the Shanghai Stock Exchange has completed employment of staff the board of Directors is scheduled to begin work in mid-March.