The Shanghai Stock Exchange names a former China Securities Regulatory Commission official as its new president.
Cai Jianchun was appointed as the new president of the Shanghai bourse, according to a statement on Friday, succeeding former president Jiang Feng. The move makes Cai second only to chairman Huang Hongyuan, also an ex-CSRC official himself, who was named to the role two years ago.
Prior to his latest move, Cai was the head of listed company supervision with CSRC. Previously, he had also led CSRC's corporate bond supervision unit.
Shanghai Pipeline
Chinese exchanges are expected to feel the near-term tailwinds from both internal fundraising needs, especially for tech companies, and external push factors, namely U.S. delisting pressures. Under the recently announced recommendations from the U.S. President’s working group, Chinese firms will face stricter disclosures rules and scrutiny or face an exit in an effort to boost investor protection.
«The United States is the premier jurisdiction in the world for raising capital, and we will not compromise on the core principles that underpin investor confidence in our capital markets,» said Steven Mnuchin, U.S. Treasury Secretary and the working group’s chairman.
Of the most attractive upcoming IPOs in the Shanghai exchange’s pipeline is fintech giant and Alipay parent, Ant Group, with an estimated valuation of around $200 billion.
