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Shanghai exchange solicits opinions for launch of China tech board

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China's Shanghai Stock Exchange said on Wednesday it would solicit opinions for the launch of a new technology board as part of China's drive to boost innovation in the tech sector.

[SHANGHAI]  China's Shanghai Stock Exchange said on Wednesday it would solicit opinions for the launch of a new technology board as part of China's drive to boost innovation in the tech sector.

The planned board would be part of China's strategy for innovation and technological development, and initially prioritize quality over quantity, the exchange said in a statement after a meeting on Tuesday with brokerages and investment banks.

Regulators are expected to set rules for the board as soon as possible to frame market expectations, the statement said, citing meeting participants.

Rules should include ensuring intermediaries conduct due diligence during the listing process, the exchange said.

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State-owned China Securities Journal reported that around 20 Chinese firms hope to list on the planned technology board, with the first coming as soon as the first quarter of 2019.

Chinese President Xi Jinping unveiled plans for the board in early November amid moves by Beijing to boost support for the private sector and encourage innovation to offset the impact of a slowing economy and the Sino-US trade war.

REUTERS