Tianhong Asset Management Co is facing regulatory curbs checking the growth of its giant Yu’e Bao fund at home.
Moves by Morgan Stanley to boost ownership in the fund venture comes as China is opening up its financial sector worth trillions of dollars.
Among the nine applicants are Ningbo Ronbay New Energy Technology Co, Wuhan Keqian Biology Co, Ankon Technology (Wuhan) Co and chip maker HeJian Technology (Suzhou) Co.
Shanghai’s Nasdaq-style Science and Technology board marks a radical shift from the current lengthy and cumbersome process for IPOs.
Why is Shanghai doing this? China has long wanted its home-grown tech champions to list closer to home.
The so-called technology innovation board will mainly host companies in technology and emerging sectors, such as high-tech equipment manufacturing, new energy, biotechnology, big data and cloud computing.
For Beijing, the move is seen helping to counter U.S. curbs on its technology companies and may draw the next generation of hi-tech firms to list at home.
This potentially marks the start of a planned Shanghai-London Stock Connect scheme.
Around 20 Chinese firms hope to list on the planned technology board, with the first coming as soon as the first quarter of 2019.
China’s securities regulator unveiled a series of measures to aid the country’s struggling stock market.