'It seems like we will have over 40 IPOs from China, [which] are coming to the U.S. this year. So [2019] could be the strongest year ever,' said Bob McCooey, chairman of Nasdaq Asia-Pacific.
Expected to kick off trading as early as June, the Shanghai Stock Exchange's Science and Technology Innovation Board, frequently deemed China's Nasdaq, was first announced by Chinese Presidentin November last year. It's an effort to keep the country's tech superstars at home and strengthen the capacity of Chinese financial services to serve tech innovation.
For the Nasdaq, pressure might start to take a toll as Shanghai's new tech board has already shown some early signs of success by receiving 100 IPO applications from Chinese companies as of May 6. Those companies are aiming to raise 98.39 billion yuan in total, according to China's official Xinhua News Agency.
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