, Columnist
Missing Unicorns Cast Doubt on Shanghai’s Tech Dream
A new stock exchange board designed to keep the next Alibaba or Xiaomi at home is conspicuously short of big names.
You won’t find TikTok on the Shanghai tech board either.
Photographer: -/AFP/Getty Images
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Where are the unicorns?
China’s first batch of candidates for its version of the tech-focused Nasdaq is an uninspiring bunch. Nine companies have been vetted for listing on Shanghai’s Science and Technology Innovation Board, out of 19 that filed applications. They’re also tiny, planning to raise just $1.6 billion combined. That’s a fraction of the $5.4 billion Xiaomi Corp. took in when it sold shares in Hong Kong last year.