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China’s Securities Watchdog Receives 22 Fund Applications Targeting High-Tech Board

By Quan Yue and Timmy Shen / Mar 19, 2019 08:04 PM / Finance

Photo: VCG

Photo: VCG

As of Sunday, Fund managers have submitted applications to the securities regulator for a total of 22 themed funds designed to invest in stocks that will be listed on China’s new Nasdaq-style high-tech board.

Fund managers also filed applications to set up another 31 funds set to invest in stocks related to technology and innovation listed on all the boards of stock exchanges in Shanghai and Shenzhen.

The high-tech board was announced in November by President Xi Jinping and started to accept fund applications on Feb. 22. The board is designed to test a registration-based system for initial public offerings for companies across sectors including semiconductors and integrated circuits, artificial intelligence, solar and wind power, new-energy cars, and biotech.

Analysts estimated earlier this month that about 300 billion yuan ($44.7 billion) of capital will be available to invest in the high-tech board.

Related: China’s High-Tech Board May Tap Almost $45 Billion

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