UBS has become the first foreign bank to sponsor an initial public offering on China’s new tech-focused Star Market, where underwriters are required to invest in the listings they bring to the market.
Shares in Shanghai Haohai Biological Technology, which raised more than Rmb1.5bn ($192m) in an IPO last week, will start trading on the Star board on Wednesday.
The Star board, which was launched in July in Shanghai, allows companies to register to be listed instead of formally applying to the regulator, something still required on Shanghai’s main board. Star also requires IPO sponsors to invest in the deals they work on, a controversial rule that has put off some banks.
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