[SHANGHAI] Trading begins 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. Read more at The Business Times.
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.The biggest is China Railway Signal & Communication Corporation, which has reportedly raised 10.5 billion yuan , the most of any board constituent.
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.
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