Shanghai’s stock-trading experiment could be the start of something bigger, says cbeddor
Suzhou HYC Technology, which tests equipment for electronic displays, became the first issuer to price an initial public offering on the new Shanghai technology board, according to a company disclosure on June 25. With a price of 24.26 yuan , it is set to raise 973 million yuan by selling 40.1 million shares, imputing about a 9.7 billion yuan market valuation.
Chinese Vice Premier Liu He and China Securities Regulatory Commission Chairman Yi Huiman participated in an official June 13 opening ceremony for the so-called SSE Star Market, underscoring the event’s political importance. The initiative was first announced by President Xi Jinping in November 2018. The first batch of companies will start trading on July 22, the Shanghai Stock Exchange said on July 5.
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