SSE said to be gearing up for new emerging industries board
Shanghai Stock Exchange could launch by the end of this year a new strategic emerging industries board that will seek to attract listings of firms involved in sectors getting a policy push from the central government.
The new board will facilitate IPOs of firms in industries that are supported by government policies, including the technology, media and telecommunications (TMT) sectors, according to Wilson Chow, China and Hong Kong assurance leader for TMT at PricewaterhouseCoopers Shenzhen.
Among other initiatives, the board will aim to lure overseas-listed Chinese TMT firms to return to the country for domestic share floats, the Hong Kong Economic Journal cited Chow as saying.
Technology and bio-sciences firms, which usually incur huge expense on research and development, will be provided assistance in fund-raising activities, with the new board offering a favorable regulatory environment and easier rules.
Benson Wong, a PwC audit partner, said the new board could benefit Hong Kong if the local stock market operator, Hong Kong Exchanges and Clearing Ltd. (00388.HK), seeks dual-listing deals of technology companies by relaxing some of its own listing rules.
In other comments, Wong suggested that companies may be better off by listing in their home countries.
He noted that Alibaba Group, for instance, has seen its share price fall by a third since early steep gains following its listing on the New York Stock Exchange last year.
Despite potential high valuations that US listings may bring, it is actually the people in the home country that should be banked upon as they would have better knowledge of the business, he said.
Hong Kong, given its proximity and ties to China, is also an attractive option for Chinese tech firms, Wong added.
-- Contact us at [email protected]
VW/JP/RC
-
China says “patriotism” in Hong Kong means loving the party Frank Ching
Eight months after imposing a national security law on Hong Kong, Beijing is moving to tighten its grip over the supposedly highly autonomous region, with China’s National People’s Congress expected
-
The curious case of raising stamp duty Ben Kwok
Do not bite the hand that feeds you. That is not just the top rule in journalism but also a lesson Paul Chan should learn – if he wants to keep his job, not to mention promotion. In an interview with
-
We need a budget that responds to the angst of HK’s youth Brian YS Wong
Financial Secretary Paul Chan Mo-po presented his budget last Wednesday, with a particular emphasis upon tackling the economic fallout induced by the ongoing pandemic, as well as restoring consumer
-
New round of jab bookings
In the latest round of jab arrangement, citizens in the priority groups can make online bookings to receive the COVID-19 vaccine from March 3, the Government said Monday. They can arrange to receive
-
Financial chief earmarks HK$934 million to boost tourism
Apart from handing out HK$5,000 spending e-coupons to Hongkongers to stimulate local spending, the revival of tourism, also hard hit by the Covid-19 pandemic, is another key issue financial chief
