SHANGHAI: Trading begins on Monday on a new Nasdaq-style technology board in Shanghai that represents one of China's most significant market reforms, and a potential weapon in its growing tech rivalry with the United States.
China hopes to draw listings from among the country's rich stable of tech"unicorns" - start-ups valued at a minimum US$1 billion - such as Alibaba-linked mobile-payments pioneer Ant Financial, ride-sharing giant Didi Chuxing, and online-services platform Meituan-Dianping.None of those are among the initial listees, however, which include no household names.
There will be no limits on price movements for the first five days of trading, after which a daily 20 per cent band is imposed. The tech board was announced in November by President Xi Jinping as a battle with the United States for technological supremacy heated up.
Source: Digital Coin News (digitalcoinnews.net)
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