上海的目标是成为全球中心

Shanghai is establishing itself as a global technology and innovation center and is encouraging innovation and developing technologies. The New Tech Innovation board that will be launched by the Shanghai Equity Exchange aims to fuel the high-tech developments. The launch, however, has been delayed.

More than 50 companies from the city's Zhangjiang High-Tech Park had been planning to list there. The board is to allow unlisted high-tech firms to trade assets, including shares, and improve their access to funding. However, exchange General Manager Zhang Yunfeng announced postponement of the New Tech Innovation board at last week's Lujiazui Forum. He blamed the delay on insufficient preparations.

"The trading system has had to be rebuilt. The delay really stems from incomplete regulations and guidelines. We want to change our mindsets, and we don't want to launch in a rush," said Zhang.

Experts say potential regulation changes may have been a factor in delaying the new board. On the same day Shanghai's delay was announced, the China Securities Regulatory Commission released draft guidelines for what are called regional equity markets. This allows companies in other cities to list on the Shanghai Equity Exchange, but only by first reporting to the national-level China Securities Regulatory Commission. This delay involved in implementing the new regulations could be a problem for companies looking for investment. Fan Xiaohai is manager of Hideca, a privately owned hardware company now reorganizing itself in preparation for listing on the new board.

"The delay will impact our listing on the new board, and affect the company's recognition and financing abilities, which are urgent. We need money to expand research and developments of new products. Three or four months won't be a problem, but we cannot wait as long as one year. If that turns out to be the case, we would have to figure out other ways, including listing on other boards," said Fan Xiaohai, manager of Hideca China Operations Center.

He was talking about another board, called the New Third Board. This was established at the national level three years ago to provide a share transfer system for small and medium-sized tech companies which are not listed elsewhere. The entry criteria of the New Tech Innovation Board include either a large input in innovation-oriented technologies or a consecutive two year revenue growth of over 30%. The New Third Board however, requires higher standards including companies to show a two-year operating period and a clear share structure and sustainable business model.

"Many mature capital markets have a multi-tiered system. And they have it because it is a very effective way to channel funds to targeted sectors of the economy. That has many benefits for stakeholders involved," said Li Jian, principal of Ernst & Young.

Li also said a multi-tiered system will provide a way for individual investors to diversify their investments. But that will not exist until Shanghai gets the go-ahead for its new investment board.