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Shanghai Sets Out New Rules For Financial Services to Help Local Tech Firms

By Ding Yi / Nov 29, 2019 06:00 PM / Business & Tech

Photo: VCG

Photo: VCG

The Shanghai Municipal Commission of Economy and Informatization is asking financial institutions to provide “all-around, accurate and tailored” financial services to the city’s technology companies looking to list, as the financial hub strives to enhance its tech sector.

Local tech firms are being targeted by the Shanghai government with the aim of helping small- and medium-sized enterprises to list on the city’s new Nasdaq-style tech board. To this end financial institutions are being encouraged to extend credit lines, with specific focus on emerging industries in the field of artificial intelligence and biomedical engineering, according to a circular released on the commission’s website on Thursday.

Commercial banks are required to fast-track their financing approval processes, completing the process within 20 working days, in a bid to reduce firms’ costs, the commission said.

Additionally, the circular also demanded that financial institutions provide technology companies with comprehensive, tailored financial services in terms of listing, mergers and acquisitions, credit financing, cash management and settlements.

The circular is part of a broader policy the Shanghai government rolled out in July after the launch of the tech board, officially named the Science and Technology Innovation Board. The policy sets out several goals including helping local tech companies list on the tech-focused board and creating a fair and transparent financial environment.

In July, the first batch of 25 companies including 5 firms from Shanghai floated shares on the tech-focused board.

Contact reporter Ding Yi (yiding@caixin.com)

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