(Yicai Global) Aug. 30 -- The Shanghai Stock Exchange will continue to enhance the inclusivity of the listing system for its new Star market and create the conditions for more artificial intelligence firms to debut on the Nasdaq-style board, according to a senior official at the city's bourse.
The SSE will improve and optimize rules, standards and the listing review process based on AI firms' needs so that such businesses and other firms using the technology can apply to go public on the sci-tech innovation board, The Paper reported, cited General Manager Jiang Feng.
Launched on July 22, the Star market has an easier listing policy compared with the main board to help scientifically and technologically innovative firms garner financing quickly to accelerate their business development.
It had accepted 152 applications as of yesterday, said Jiang, who spoke today at the World Artificial Intelligence Conference 2019 in Shanghai. Twenty-six of the companies develop AI and smart manufacturing equipment and plan to raise about CNY20 billion (USD2.8 billion) between them, he added.
The capital market is duty-bound to push AI's development, Jiang said, adding that the SSE will support AI firms to become bigger, stronger and do better through mergers and acquisitions. The Star market was set up to strengthen the capital market, improve service levels and promote the innovation of critical technologies, he added.