China to support IPOs by 'future industry' startups, large model companies

By Samuel Shen and Eduardo Baptista

SHANGHAI/BEIJING, June 17 (Reuters) - China took caller steps connected Wednesday to money tech innovation amid an intensifying rivalry with the ‌U.S., saying it would enactment listings of startups successful "future industries" similar quantum technology, ‌nuclear fusion and brain-computer interfaces.

The Shanghai Stock Exchange besides published rules to facilitate nationalist stock income by large-model ​companies connected the STAR Market arsenic portion of its efforts to beforehand Chinese artificial intelligence.

The announcements came aft China's apical securities regulator vowed to "actively embrace" a caller signifier of technological gyration and concern upgrades.

The determination besides comes arsenic Wall Street is hosting large archetypal nationalist offerings from ‌SpaceX, OpenAI and Anthropic.

"A caller ⁠wave of technological revolution, led by AI, is being integrated into accumulation and regular beingness astatine an unprecedented pace," said Wu Qing, president ⁠of the China Securities Regulatory Commission (CSRC), astatine a forum successful Shanghai connected Wednesday.

"Major superior markets astir the satellite are accelerating reforms to amended accommodate to the needs of innovation and summation starring ​positions."

Beijing is ​stepping up efforts to usher superior into the ​tech assemblage - a cardinal absorption of ‌the Sino-U.S. powerfulness rivalry.

The Shanghai Stock Exchange said that it is simply a "major task" to enactment the listing of companies successful emerging and aboriginal industries identified successful China's adjacent five-year economical improvement plan. These industries see hydrogen energy, biomedical engineering and robotics.

The bourse volition besides enactment flotation by early-stage large-model companies, which severely request superior marketplace enactment to money long-term, intensive ‌research and development.

Wednesday's rules, which are effectual immediately, explicate ​how AI large-model companies tin usage the STAR Market's ​so-called 5th listing standard, a model ​designed for listing firms that person strategical exertion but are not ‌yet profitable.

CSRC Chairman Wu said regulators volition ​guide much semipermanent "patient" superior ​into equity investments to money tech innovation.

The CSRC had already engaged successful capital-market betterment to facilitate nationalist listings by innovative tech startups similar AI chipmakers and rocket developers.

A ​number of homegrown companies, including ‌memory-chip elephantine ChangXin Memory Technologies and robot shaper Unitree Robotics, are lining up ​to interval connected the home market.

(Reporting by Samuel Shen successful Shanghai and ​Eduardo Baptista successful Beijing; Editing by Thomas Derpinghaus)