Though China has plenty of locally cultivated technology firms, the country’s valuation cap and a ban on unprofitable firms has led many of its biggest names to pick venues in Hong Kong or the US instead. The Science and Technology Innovation Board, which was first touted by President Xi Jinping in November, is the government’s latest attempt to stop the exodus.
(Apr 12): China’s efforts to keep its next tech superstars at home are showing some early signs of success.
Since March, Qingdao Haier Biomedical Co., Sun Car Insurance Agency Co. and Certusnet Information and Technology Co. have scrapped plans to list in Hong Kong and are expected to debut on Shanghai’s new board instead. While the Chinese city is yet to attract any of the country’s mega startups, it’s a vote of confidence from entrepreneurs after regulators said the venue will have looser rules for initial public offerings.
