China's new trade war defense is a stock market for tech firms

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With the US ratcheting up pressure on China via trade tariffs and a crackdown on one of its biggest technology companies, China counters by encouraging more homegrown innovation. china

SHANGHAI: In a nondescript building in a Beijing suburb, workers stitch bovine and porcine tissue into replacement heart valves for humans. Orders are mounting, and founder Jin Lei is looking to the latest feature of Chinese President Xi Jinping’s financial reform to help him expand.

As Xi counters by encouraging more homegrown innovation, building out new financing avenues for companies like Jin’s has taken on added significance. Credit Suisse Group AG analysts estimate that the US spends in excess of five times more than China in absolute terms on basic research. The tech board “may incubate some great companies of tomorrow,” analysts led by Vincent Chan wrote in a March report.

He said in an interview that he was heartened to hear of a venue designed to encourage home-grown technology firms like his, and perceived a higher chance of success in winning a listing on the tech board, where regulators have waived restrictions on how companies are priced and offer a more streamlined IPO process.

 

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