China’s Shanghai Star Market tech stock board gains 200th IPO

ANASTASIA ZYG


A woman at the security trading floor in Shenyang, Liaoning province of China.

Getty Images

BEIJING — China’s stock market experiment is gaining traction, and interest from foreign investors.

On Monday, Newtouch Software became the 200th company to list on the Shanghai Star Market. That brings the total amount raised by companies on the new stock board to more than 287.6 billion yuan ($44 billion), according to officially reported figures.

The Star Market launched just over a year ago in an effort to improve the ability of innovative companies to access public market financing. New rules allow some companies to list before they have turned a profit. Businesses can also go public via registration, rather than waiting for regulatory approval.

“Our figures show, under the registration system, the average time to IPO for Star Market companies is already close to that of overseas mature capital markets,” Bruce Pang, head of macro and strategy research at China Renaissance, said in a Chinese statement, according to a CNBC translation.

For comparison, just over 100 companies went public on the Shanghai main board since the Star Market opened for trading in July 2019, according to the Wind Information database.

Foreign investors buying in



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