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Shanghai Takes on Hong Kong in a Battle for Unicorn IPOs

  • Tech startups queue up to list on China’s new stock board
  • Entrepreneurs have preferred overseas venues with looser rules
Hong Kong Stock Exchange As China's Bullish Start to Year Gains Momentum
Photographer: Justin Chin/Bloomberg
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China’s efforts to keep its next tech superstars at home are showing some early signs of success.

Since March, Qingdao Haier Biomedical Co., Sun Car Insurance Agency Co. and Certusnet Information and Technology Co. have scrapped plans to list in Hong Kong and are expected to debut on Shanghai’s new board instead. While the Chinese city is yet to attract any of the country’s mega startups, it’s a vote of confidence from entrepreneurs after regulators said the venue will have looser rules for initial public offerings.