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在线翻译:
szdaily -> Business_Markets -> 
Plan to lure tech listings ‘excellent’
    2018-04-04  08:53    Shenzhen Daily

THE trial program for encouraging technology giants like Alibaba Group Holding Ltd. to list their shares at home is drawing positive early reviews, a sign their stocks may soon be available in the world’s second-largest economy.

Lei Jun, co-founder and chief executive officer of smartphone maker Xiaomi Corp., voiced support for the effort to allow companies to issue Chinese depositary receipts (CDRs) in addition to shares traded overseas. His company is said to be preparing an IPO that could be the biggest since Alibaba’s US$25 billion debut in 2014.

“It is an excellent idea, a great policy innovation,” said Lei in an interview, while declining to comment on specific IPO plans or whether the company would list its own CDRs.

China is now home to some of the world’s fastest growing and most valuable technology companies, but Tencent Holdings Ltd., Alibaba and Baidu Inc. have all gone abroad for their IPOs.

The CDR effort is aimed at bringing such shares into the home market, where local consumers who know their products may boost valuations.

The State Council unveiled the pilot program Friday, less than a month after the idea was first made public — underscoring the government’s enthusiasm.

The CDR trial would apply to companies that went public overseas and have a market value of more than 200 billion yuan (US$32 billion). It also includes an easier path to listing for private companies that are valued at more than 20 billion yuan and have revenue of 3 billion yuan, as well as fast growing unlisted companies that work in the field of advanced technology and have a leading advantage in their sector.

E-commerce giant Alibaba also expressed support for the idea of CDRs, but is awaiting more clarity on the new program.

“Since our IPO in the United States, we have stated that if regulations allow, we would consider a listing in China,” said Katie Lee, a spokeswoman for Alibaba.

Analysts at China International Capital Corp. estimate that 35 overseas-listed and private companies may qualify, with prospects that they’ll raise as much as 1.5 trillion yuan in financing.

The report identifies Xiaomi, Alibaba-affiliate Ant Financial, ride-hailing leader Didi Chuxing and food delivery giant Meituan-Dianping among the startups that may be part of the program.

(SD-Agencies)

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