November 14, 2018 / 8:56 AM / a month ago

About 20 firms eye China tech board listings as soon as Q1 2019 - state media

SHANGHAI, Nov 14 (Reuters) - Around 20 Chinese firms hope to list on a planned technology board, with the first coming as soon as the first quarter of 2019, the state-owned China Securities Journal reported on Wednesday, citing a recent meeting.

The paper said the meeting between the Shanghai Stock Exchange, brokerages and investment banks about the new “technology innovation board” had “proceeded relatively quickly” and that a draft plan for establishment of the board is expected by the end of November or early December.

The companies seeking listings come from tech hubs such as Shanghai, Shenzhen and the Zhongguancun area of Beijing, the paper said.

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-U.S. trade war. (Reporting by Andrew Galbraith; Editing by Richard Borsuk)

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