What happened: The Shanghai Stock Exchange has said that the first three IPO applications for China’s New Technology and Innovation Board will be heard on June 5, according to a statement released after market close on Monday. The three companies, Shenzhen-based ChipScreen Biosciences, Shanghai-based Anji Microelectronics, and Suzhou-based Tztek Technology, operate in the fields of biotechnology, semiconductors, and AI. They are among 110 firms eager to list on the new Nasdaq-style exchange.
Why it’s important: The date of the expected application correlates with speculation that the new stock exchange will launch in the middle of this year. The exchange is a strategic move by Beijing to keep China’s tech companies, as well as their capital, from listing abroad, and comes as the battle over tech between the US and China is heating up. The three companies announced work in three key areas where Chinese authorities are looking to create their own world-class players.