Shanghai’s technology innovation plans to be published

Plans for the technology innovation board were unveiled by Chinese President Xi Jinping early last month. SHANGHAI (Reuters) – China will likely publish rules for Shanghai’s planned “technology innovation board” in January, and will launch the new tech board before June, the 21st Century Business Herald reported on Tuesday, citing unidentified sources close to the Shanghai Stock Exchange. Currently, Chinese stocks are allowed to rise or fall a maximum of 10 percent on a single trading day, and investors can not sell shares on the day of purchase. The board will adopt a loosely-regulated mechanism for initial public offerings (IPOs), potentially competing with Hong Kong, or even New York. According to the newspaper, applicants will not be required to be profitable, but must meet certain threshold in terms of revenue and capitalisation.

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