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Shanghai exchange moves to curb speculation even before trading starts at Nasdaq-style tech board, introduces suspension rules

The Shanghai Stock Exchange introduced rules to limit speculation on the Star Market, its new technology innovation board, on Friday.Chinese regulators are prioritising stability for the trading debut of the Nasdaq-style market, which was launched on Thursday during the annual Lujiazui Forum. It is expected to start trading within two months, the exchange’s chairman, Huang Hongyuan, said.According to the new rules, shares on the Star Market will be allowed to trade freely for the first five… Source link

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Chinese stocks cap worst performance this week on growth fears, flood of tech IPOs

China’s stocks dropped by the most this week as concerns mounted that a recovery in growth will falter and supply of new shares will accelerate after a ceremonial launch of a new board to host technology companies.The Shanghai Composite Index fell 1 per cent to 2,881.97 on Friday, trimming the week’s gain to 1.9 per cent. Hong Kong’s Hang Seng Index fell 0.7 per cent to 27,118.35 for a third straight day of losses, as one of the top advisers to the city’s leader suggested lawmakers will delay a… Source…

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Hong Kong top destination for Chinese IPOs, but new Shanghai tech board poses threat, Baker McKenzie says

Hong Kong is the top destination for Chinese companies seeking to list their shares outside China so far this year, but could face a challenge for initial public offerings from Shanghai’s new technology innovation board, according to a new report by the law firm Baker McKenzie.Thirty-four Chinese companies have raised or are expected to raise more than US$6.8 billion in IPOs in Hong Kong in the first six months of 2019, including new listings by the drug maker Hansoh Pharmaceutical Group and… Source link

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How US-China tech war is rippling through the global supply chain

For many years, digital imaging technology supplier Altek Corp relied on private demonstrations to generate business from its handful of large clients in China.The Taiwanese hi-tech supplier, however, must now take part in trade shows in China to widen its search for new customers, according to company executive Nicole Chen, after major client Huawei Technologies became entangled in the raging trade and tech war between China and the United States.“Everything was perfect before the third… Source link

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China 

Chinese attendees give US investment conference their collective snub as year-long trade war escalates, spills over to tech

The Chinese delegation to a major conference on foreign investments hosted by the United States government shrank sharply for a second year, as the protracted US-China trade war diminished business appetite amid tightening regulatory scrutiny in both countries on deals.A total of 76 company representatives and government officials from China attended the annual Select USA Investment Summit, down from last year’s 101 delegates and 155 in 2017, according to organisers of the Monday event in… Source link

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China 

Chinese tech hub Shenzhen becomes key trade war battleground as US strikes at Huawei, its ‘dragon’s head’

In the restaurants and coffee shops at the heart of southern China’s hi-tech powerhouse the main topics of conversation have shifted from industry gossip such as IPOs, mergers and innovations to the trade war with the US and Washington’s campaign against Huawei.So all-consuming has the topic become in Yuehai – the western district of Shenzhen that houses the social media giant Tencent, telecoms maker ZTE and drone maker DJI – that locals joke that it seems more like a trade war between the US… Source link

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China 

Chinese state media calls new tech export controls a shield ‘against certain countries’

Chinese state media on Sunday said Beijing’s new tech export controls were aimed at deterring “certain countries” from using the nation’s technologies to suppress its development.The new “national security technological security management list” was announced on Saturday, just over a week after Beijing said it would blacklist “unreliable” foreign entities deemed to have damaged the interests of Chinese firms.Analysts said the new measure was just the latest retaliation from China as it faced… Source link

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Singapore 

Missing lawyer Jeffrey Ong, linked to $33m case involving Allied Tech, arrested and charged with cheating another firm, Singapore News

SINGAPORE – Managing partner of JLC Advisors law firm, Jeffrey Ong Su Aun, who is allegedly linked to missing monies totalling more than $33 million, has been arrested and is now facing a cheating charge. The 41-year-old Singaporean lawyer was caught in Malaysia and was taken back to Singapore on May 30. He was charged with one count of cheating on June 1 in a Singapore district court. On Feb 19, Ong allegedly deceived CCJ Investments into believing that Suite Development had entered into a loan agreement with it. He…

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Shanghai’s tech board approves first IPOs as Bannon talks of barring Chinese firms from US capital markets

The Shanghai Stock Exchange has granted approvals to the first three firms applying to raise funds on its new technology board, a major step towards the debut of mainland China’s own Nasdaq-style exchange.Shenzhen ChipScreen Biosciences, Anji Microelectronics (Shanghai) and Suzhou Tztek Technology went through initial public offering (IPO) hearings on Wednesday, less than three months after they submitted their applications.The short waiting time is the latest sign that Beijing is ramping up… Source link

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Shanghai tech board unlikely to challenge Hong Kong’s status as preferred IPO hub for Chinese biotech firms

Volatile stock markets as a result of the unresolved US-China trade war will affect the valuations of Chinese biotech IPOs, but Hong Kong’s status as an IPO hub will remain undiminished and compete strongly with the upcoming tech board in Shanghai, say investment bankers.“The funds available here and in China are incredibly deep, I anticipate that this market should hold as it goes through the ups and downs,” said Philip Ross, JPMorgan’s vice-chairman of investment banking with a focus on… Source link

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