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Faster IPO Approvals for Unicorns

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CHINA DAILY Friday, March 2, 2018 BUSINESS 17 Faster IPO approvals for unicorns Banks eye boon in underwriting CSRC plans more steps to attract for tech startups listings from innovative firms By LI XIANG Chinese investment banks By LI XIANG are seeking new opportuni- [email protected] ties in their underwriting Companies from business for companies’ ini- The securities regulator has tial public offerings as the new and emerg- reportedly accelerated the regulator is expected to loos- approval of initial public offer- en IPO rules to allow more ing sectors will be ings for technology and inno- technology startups to raise vative companies in hopes of funds in the stock market. the key clients retaining future technological Several securities firms that we are seek- giants in the home market. have said that they have been The regulator has shortened actively storing new projects ing to obtain.” the IPO approval period for in their IPO pipeline and companies in four areas: bio- they have made technology- Written response from Guangfa chemistry, cloud computing, related IPO underwriting a Securities Co Ltd artificial intelligence and main business focus. advanced manufacturing, said Employees put finishing touches to circuit boards in a Foxconn factory in Shenzhen, Guangdong province. The firm plans to issue shares “We have been closely fol- Tencent Finance, the business on the Shanghai Stock Exchange soon. AFP PHOTO lowing the policy change and them consulting services for media outlet affiliated with the new market trend,” said their IPO preparations. technology company Tencent Guangfa Securities Co Ltd in The rise of the “new econ- Holdings Ltd, in a report on move on IPO rule change as the current IPO rules would IPO applications,” said Dong nue to float shares on the a written response to China omy” has stimulated related Wednesday, citing people with CSRC officials have vowed to require the amendment of the Dengxin, a finance professor bourse. Daily. companies to raise funds the knowledge of the matter. make the country’s IPO mar- Securities Law, analysts said at Wuhan University of Sci- Zhang Shenfeng, assistant “Companies from new through IPOs, which had The report said that the reg- ket more inclusive and more that the regulator will need to ence and Technology. chairman of the CSRC, said and emerging sectors will be challenged the adaptability ulator has also loosened favorable for technology improve the existing share The stock exchanges on the earlier that the regulator will the key clients that we are of the existing IPO policies requirements on profitability firms. offering system to better facili- Chinese mainland are facing strengthen the capability of seeking to obtain. We will in the Chinese market to and shareholding structures The faster-than-expected tate the fundraising needs of greater competition from the capital market to serve the focus on good quality com- accommodate their fun- of the so-called unicorn com- IPO process by electronics the country’s innovative start- overseas bourses including economy, in particular the panies with strong techno- draising needs, analysts panies (those with valuation of manufacturer Hon Hai Preci- ups. those in Hong Kong and New high-tech and innovative sec- logical advantage and strong said. at least $1 billion) in the four sion Industry Co Ltd, better “The reform should focus York that are vying for tech- tors. profitability potential,” it They expected the Chinese industrial areas. known as Foxconn, to float on areas including giving the nology IPOs from the Chinese Accounting firm EY forecast added. regulator to take a major The China Securities Regula- shares in the Shanghai Stock market greater say in IPO pric- mainland. in a report that the Chinese The China Securities Reg- step forward this year in tory Commission did not Exchange, has also generated ing, re-designing the regulato- The Hong Kong Stock mainland market will acceler- ulatory Commission and the reforming its capital market respond to China Daily’s inquiry expectation for greater ry arrangement to make the Exchange is expected to accept ate to clear the strong IPO country’s stock exchanges to drive the internationaliza- on the matter on Thursday. encouragement and regulato- market more inclusive for IPO applications under dual- backlog and IPO funds raised lately have increasingly tion of the A-share market The report generated heat- ry support of IPOs from high- innovative companies and class share structures soon in Hong Kong are expected to voiced support for fundrais- and help the market main- ed discussions in the industry tech and emerging sectors. granting stock exchanges and it will allow biotech com- reach more than HK$200 bil- ing plans by companies with tain its leading position in over Chinese regulator’s next While any major revamp of greater power on reviewing panies with no profit or reve- lion ($25.6 billion) this year. new technology or new busi- global markets. ness models via IPOs in the “The existing system in public equity market. the capital market hasn’t The Shenzhen Stock been able to reflect the Nation to further efforts in big data to serve real economy Exchange said in its develop- trend of the development of ment plan for 2018-20 that it the new economy. There is will reform the startup board an urgent need to reform By OUYANG SHIJIA in made to advance the nation- and industrialization manage- The fourth big data expo is overseas internet and tech and will loosen the profita- the current rules to better Beijing and YANG JUN in al big data strategy, opti- ment systems. Together with set to be held from May 26 to tycoons and companies, bility requirements for ini- support the country’s ongo- Guiyang mize the network related ministries, we will ena- 29 in Guiyang, Guizhou prov- including Alibaba Group Hold- tial public offerings and ing economic transition,” ouyangshijia@chinadai- infrastructure, develop ble a better environment and ince. The expo will be the latest ing Ltd, Tencent Holdings Ltd, consider new share struc- Shenwan Hongyuan Securi- ly.com.cn regional data centers, pro- ultimately boost the develop- opportunity to market the Huawei Technologies Co Ltd tures for high-tech and inno- ties was quoted by China mote the development and ment of big data,” Li said on State-backed big data hub’s and foreign giants such as vative companies. Securities Journal as say- China is ramping up efforts industrialization of core big Wednesday at a news confer- benefits. Apple Inc and Intel Corp. Shenwan Hongyuan Secu- ing. to promote further integration data technologies and safe- ence in Beijing. With a key focus on the digi- Five high-level talks and rities Co Ltd said that it is The securities firm said Chi- of big data with the real econo- guard data security, accord- Li stressed that as part of its tal economy and big data dozens of professional forums engaging companies from nese regulators will need to my and foster the long-term ing to Li Guanyu, deputy efforts to integrate big data development, the 60,000- are planned during the event, sectors including the phar- clear several market hurdles growth of the country, said an director of the information with the real economy, the square-meter expo is set to covering topics related to arti- maceutical, medical, tech- including the ban on IPOs by official at the Ministry of and software service divi- ministry will continue to sup- attract more than 400 compa- ficial intelligence, data securi- nology, telecommunication, Chinese companies registered Industry and Information sion at the ministry. port the upcoming 2018 China nies and over 50,000 visitors. ty, internet of things, sharing advanced manufacturing in overseas markets and tech- Technology. “We will continue to boost International Big Data Indus- The expo will attract a wide economy, poverty alleviation and environmental protec- nology startups with dual- More efforts should be the integration of information try Expo. range of leading domestic and and block chain. tion sectors, and it is offering class share structures. Daily Stock Market Performance GainersGainers and andLosers Losers International Stock Markets Daily YTD Daily Daily Daily YTD % Chg Index Close % Chg % Chg GAINERS Close % Chg LOSERS Close % Chg Close % Chg –15% 0% +15% Shanghai Stock Exchange Composite Index 3273.76 +0.4 –1.0 Hang Seng Index 31,044.25 0.6 3600 Shanghai Stock Exchange Beijing Teamsun Tech 10.75 10.03 ShandongJiangqnIndstry 7.38 –8.55 Hang Seng China Ent Index 12,428.88 0.4 3490 Luxin Venture Capital 12.73 10.03 Sjec Corp 52.44 –7.87 TAIEX Taiwan Stock Index 10,785.79 –0.3 3380 Anhui Tongfeng Electr 4.72 10.02 Aluminum Corp of China 5.45 –7.63 Nikkei 225 21,724.47 –1.6 3270 China Natl Sftw & Svc 14.27 10.02 Qibu Co Ltd 14.21 –6.14 Sensex 34,134.93 –0.1 KOSPI 2,427.36 –1.2 3160 Guizhou Gas Group Corp 28.34 10.02 Gemdale Corp 12.29 –3.98 IReader Technology Co 37.80 10.01 YangQuan Coal Industry 8.38 –3.57 S&P/ASX 200 5,973.34 –0.7 3050 ChongqingChuanyiAutmtn 10.33 10.01 Anhui Wanjiang Log 3.71 –3.13 New Zealand 50 Gross Index 8,342.71 –0.4 Yonyou Network Tech 36.05 10.01 Xilinmen Furniture Co 16.56 –3.10 Straits Times Index STI 3,509.76 –0.2 CIG Shanghai Co Ltd 42.21 10.01 Anhui Leimingkehua Co 15.42 –2.59 Bangkok SET Index 1,830.13 0.0 Bursa Malaysia KLCI Index 1,860.14 0.2 Shenzhen Stock Exchange Component Index 10,943.13 +1.1 –0.9 Guilin Fuda Co Ltd 7.92 10.00 JDMJingDaMachineNingbo 27.89 –2.55 11,700 VN-Index 1,115.79 –0.5 Shenzhen Stock Exchange Dow Jones 25,029.20 –1.5 11,200
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