The Shanghai Stock Exchange will set up a New Board for innovative science and technology companies, according to a statement made by China’s President Xi Jinping over the weekend. With its home in Shanghai, the New Board will support the city’s development as a center of international finance. The initiative seems at least partially aimed at the market served by Hong Kong’s new IPO track for pre-revenue biotechs, though the announcements did not address the critical China rule that requires IPO companies to have two years of profitability. Hong Kong does not require revenues, only late-stage development.
Source: China Biotoday
