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China Approves First Dual-Class IPO in Bid to Lure Tech Firms

China is set to see the first dual-class listing in the domestic market, as the nation aims to stem an exodus of technology firms seeking listings overseas.

Chinese cloud storage provider UCloud Technology last Friday obtained approval from the Shanghai Stock Exchange for an initial public offering on the Star market, according to an exchange filing. It is the first company with unequal voting rights to get approval from the exchange for such listing, according to data compiled by Bloomberg.