STAR Market tech board offers hope to Chinese venture capitalists

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When Chinese venture capital firm New Vision Capital invested in two startups fo...

SHANGHAI/HONG KONG - When Chinese venture capital firm New Vision Capital invested in two startups focusing on cloud computing and micro-optics, the plan was to eventually take them public on the Nasdaq exchange.

“The trade war has quite a big impact,” Shen said, adding that trade tensions inject uncertainty into valuations, financing and capital expenditure plans. “That trend may accelerate given the perceived risks associated with a U.S. listing as the trade tensions escalate,” said Oliver Nip, Hong Kong-based partner at law firm Ropes & Gray.

Bao Fan, chief executive of investment bank China Renaissance , a major player in China’s tech sector, said that STAR Market “is definitely positive” for investors. Drugmaker Zelgen, backed by Corner Stone Capital, has scrapped a plan for a Nasdaq listing and applied in Shanghai. The developer of cancer medicines could become China’s first listed firm with no revenue or profits.STAR Market made its debut last month amid fanfare and investor enthusiasm. The first 25 companies on the board - ranging from chip-makers to healthcare firms - surged 140% on average on their first day of trading.

Andrew Qian, CEO of Shanghai-based New Access Capital, said STAR Market’s launch has helped the venture capital sector thaw after a “freezing winter”.

 

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