Pudong enhances financial services for sci-tech innovation, fostering new quality productive forces
Shanghai's Pudong New Area has leveraged the Shanghai Science and Technology Innovation Board to enhance financial services for local enterprises, support their innovation efforts, and contribute to the construction of the core area of the Pudong International Sci-Tech Innovation Center.
July 22 marked the fifth anniversary of the Shanghai Sci-Tech Innovation Board. Over the past five years, the Sci-Tech Innovation Board has served as a testing ground for capital market reforms in China, injecting vitality into the market ecosystem and bringing vigor to numerous innovative enterprises.
During this period, an increasing number of companies from Pudong have listed on the Sci-Tech Innovation Board.
In April, Brite Semiconductor officially debuted on the board, marking the 50th Sci-Tech Innovation Board IPO from a Pudong-based company. The previous 49 Pudong companies to list on the Sci-Tech Innovation Board raised a total of 159.8 billion yuan ($22 billion) in IPO funds.
Notably, Semiconductor Manufacturing International Corporation (SMIC), which went public on the board in July 2020, achieved listing in just 37 days, setting records for the fastest IPO in A-share history and becoming the largest IPO in nearly a decade, with a current market value of 330 billion yuan.
Additionally, companies like Huahong Semiconductor, also from Pudong, successfully listed on the Sci-Tech Innovation Board in August 2023.
Companies in the biopharmaceutical sector have also achieved remarkable success, with leading innovative drug companies like Junshi Biosciences and Sunshine Guojian, as well as gene therapy CDMO leader OBiO Technology, all being listed on the board.
The financial services capabilities in Pudong's sci-tech sector are continuing to strengthen, with initiatives launched such as using credit reports in place of administrative compliance certificates for IPO applications to streamline the listing process for companies.
Pudong is making efforts to establish a comprehensive sci-tech financial services system to support high-quality sci-tech enterprises in accessing the capital market and providing financial assistance for technological innovation development.
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