Shanghai helps local firms prepare for STAR IPOs
Shanghai rolled out a series of financial services for science and technology companies preparing for IPOs on the STAR Market.
According to Wu Jincheng, director of Shanghai Commission of Economy and Informatization, these services, called IPO credit, are tailor made for companies with three characteristics.
First, they should be science and technology companies.
Second, they should be a member of the “fostering bank” of high-tech companies in preparation for an IPO on the STAR Market, set up by Shanghai Commission of Economy and Informatization.
So far, more than 230 high-tech companies are included in this “fostering bank.”
Third, they should be a local Shanghai company, whose business is in accordance with national strategy, making a breakthrough in key and core technologies, or acclaimed by the market.
IPO credit favors companies in fields like integrated circuits, artificial intelligence and bio-medicine.
Measures include innovating financing and lowering financing costs for science and technology companies.
The IPO credit is valued at over 100 billion yuan (US$14.2 billion), according to the commission.
The first batch IPO credit for science and technology enterprises was given to 12 companies by 12 commercial banks on Friday.