The Shanghai stock exchange plans to launch a new trading platform to ease equity-raising for small tech companies, President Xi Jinping said on Monday.
The new “technology innovation board” will also test out a new, deregulated mechanism for initial public offerings, Mr Xi said. The so-called “registration system” will be an alternative to the approval system that currently governs IPOs in Shanghai and Shenzhen.
The approval system has led to a chronically long queue of companies waiting for IPO approval and created incentives for corruption among officials with approval authority.
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