The Shanghai Stock Exchange's new Technology Innovation Board will allow still-unprofitable hi-tech companies -- including biopharmas -- to IPO on the exchange, though each IPOing company must have a valuation of at least $600 million to qualify. Also, biopharmas must target a significant market with approval for at least a Phase II clinical trial of one innovative new drug.
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Original Article: China Proposes Rules for IPOs on New Shanghai Hi-Tech Stock Exchange