HONG KONG: China is counting on heady valuations and its power as the gatekeeper to get tech stars like Ant Financial to go public at home rather than in New York or Hong Kong. Listing candidates should be wary – no matter how much it’s reformed, the domestic market is full of fickle investors and regulators.
China Securities Regulatory Commission (CSRC) chairman Liu Shiyu said that the watchdog would speed up approvals of initial public offering (IPO) hopefuls sitting in a multi-year queue that exceeded 600 companies last month. According to Reuters, the CSRC will consider a shortcut for top tech firms, among them Ant Financial and Zhong An Online Property & Casualty Insurance Co, both Alibaba Group Holding Ltd affiliates, and Qihoo 360 Technology Co.
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