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More Support for High-tech Hub
The city government is currently considering changing its policies to make the environment more favourable for the growth of its fledging high-tech industry, said senior officials in Shanghai Tuesday.
The planned policy adjustment, including a list of tax concessions for Shanghai's high-tech companies, will put the city well ahead of China's other high-tech centres, such as Beijing and Shenzhen, and will ensure that it dominates the domestic high-tech market.
"Shanghai has the capability to provide a better environment and help fuel the growth of its high-tech industries and it should do what it can to make this happen," said Cai Minyong, president of the Shanghai New and High-Tech Service Centre - which is a governmental organization that provides support for the city's high-tech startups.
Cai said the imminent policy shake-up will make things much better than they are at present.
"But the details are still under discussion," he said.
Cai also encouraged the high-tech firms to look overseas to the world's major capital markets for funds.
He said the centre has established connections with NASDAQ and Hong Kong's Growth Enterprises Market (GEM) - Meccas for world-class high-tech companies seeking funds - which could enable them to recommend more firms for flotation on the world's equity markets.
Cai made these remarks at a press conference to mark the listing debut of the Fudan Microelectronics Co, a high-tech fabric Integrated Circuit (IC) designer, who plans to raise 115 million Hong Kong dollars (US$14.72 million) from Hong Kong's GEM.
The company - the first Shanghai company listed on Hong Kong's GEM - now controls a large section of the country's IC design works and will make its listing debut in Hong Kong on August 4.
The company will be the eighth largest domestic high-tech firm listed on the GEM. At present, its main investors are the Shanghai Commercial Investment Co, a State-owned investment firm, and Fudan University, one of China's best universities.
Its market value now exceeds 400 million yuan (US$48.30 million), compared with the 10 million yuan (US$1.2 million) it was worth when it was founded in 1998.
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