CHINA announced a pilot program Friday to encourage tech, bio-tech and high-end manufacturing firms to list their shares in Shanghai and Shenzhen. The move paves the way for domestic listings of overseas-listed tech giants such as Alibaba, JD.com, Tencent Holdings, Baidu, Weibo and Sogou. The program, proposed by the securities regulator, is aimed at promoting innovation and aiding China’s economic restructuring, according to a statement posted on the State Council’s website. The plan would allow qualifying overseas-listed companies with a market value of no less than 200 billion yuan (US$32 billion) to issue shares or depositary receipts. The program also applies to qualifying unlisted firms with a valuation of no less than 20 billion yuan or fast growing revenues. The securities regulator will set up a new committee to select and review firms for the program, which applies to companies in fields such as the Internet, cloud computing, big data, artificial intelligence, chips, bio-tech and high-end manufacturing. The State Council, or Cabinet, said firms taking part in the program should treat domestic and foreign investors equally, and they must disclose differences in voting rights and any special company structure arrangements. (SD-Agencies)
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