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【CGTN】龚炯:The STAR market marks a big step in China’s internationalization drive |
发布时间:2019-08-04 发布人:摘自校新闻网 点击数:1389 |
The STAR market marks a big step in China's internationalization drive (来源:CGTN 2019-07-22) Editor's note: John Gong is a research fellow at Charhar Institute and professor at the University of International Business and Economics. The article reflects the author's opinion, and not necessarily the views of CGTN. The Shanghai sci-tech innovation board, also called the STAR market, is slated to officially open on Monday. The first wave of 25 companies that will be traded all belong to technology sectors. Amid the fanfare of celebrating the birth of some more billionaires in China, let's go back to the time when Chinese President Xi Jinping proposed this idea in the first place during the China International Import Expo in Shanghai last year. China officially launches its new science and technology innovation board, June 13, 2019
Compared with China's A-share market stock exchanges, the STAR market has several noticeable differences. First, the listing requirements are substantially relaxed in terms of revenue and profitability level so as to facilitate easier access to capital. Second, the trading rules are also less restrictive so that larger price swings are probably expected. Third, the registration-based system provides a real exit possibility for those companies failing to deliver, whereas on the A-market, it is typically quite difficult to kick out a failing company. The overall idea is to make this market more dynamic, to hold those listed more accountable, and to reward the true winners more handsomely. Among the 25 new stars, nine companies are in areas of new information, communication and computer industries. Eight companies are specialized equipment companies, particularly a few in the semiconductor businesses. Three companies are equipment or material vendors in the railway or subway transportation industries. The list reflects China's innovation drive from the core manufacturing perspective. For several decades, China has been the global manufacturing factory, cranking out assembled goods for international markets. 附原文报道链接: |
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