News Highlights: Chinese technology groups are set to boost the country’s listless CDR market
Two major technology groups will tackle the Chinese certificate (CDR) market, once labeled by Beijing as the premier channel for high-growth companies to sell shares in mainland China.
The planned offers on Shanghai’s technology-focused Star Market for artificial intelligence start-up Megvii and computer maker Lenovo would mark the first major companies to be listed via CDRs since they launched with fanfare nearly three years ago.
The announcements also come as Washington has tightened control over Chinese groups trading in New York, including legislation that could enforce delisting and sanctions that prohibit US investment.
Megvii, a facial recognition company, had previously tried to get a public listing in Hong Kong. It lowered its fundraising target from $ 1 billion to $ 500 million before canceling the offering altogether last year against the backdrop of US sanctions.
There are many technical issues and uncertainties with CDR …
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