Yazılar

China to Launch New STAR Market Segment for Pre-Profit Growth Companies

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China’s securities regulator announced plans to create a new segment within Shanghai’s tech-focused STAR Market designed specifically for pre-profit growth companies, aiming to bolster innovation amid rising China-U.S. tensions in trade and technology.

The upcoming “growth segment” will support companies that have yet to turn a profit but demonstrate significant technological breakthroughs, strong commercial potential, and substantial investment in research and development, according to guidelines from the China Securities Regulatory Commission (CSRC).

CSRC Chairman Wu Qing emphasized the need for robust capital market support for both tech giants and emerging startups, highlighting ongoing reforms to strengthen China’s financial ecosystem amid shifting global economic and trade dynamics.

The regulator will also establish mechanisms to bring in experienced institutional investors to the STAR Market, reinforcing its role as a platform to advance China’s strategic goal of achieving technological independence and global leadership.

The CSRC further pledged to facilitate listings from companies working on frontier technologies, including artificial intelligence and aerospace, aligning with China’s ambitions in cutting-edge sectors.

This move comes as many Chinese firms are considering public listings in Hong Kong, which is actively attracting new listings amid a recovering stock market environment.

UK Regulator Greenlights Private Share Trading Platform PISCES to Launch This Year

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Britain’s Financial Conduct Authority (FCA) has finalized rules for a new private share trading platform called the Private Intermittent Securities and Capital Exchange System (PISCES), with trading expected to start later this year through a regulatory “sandbox.” The platform aims to facilitate trading of shares in private companies, helping early investors and employees to sell shares and new investors to fund growing businesses.

PISCES will operate by enabling intermittent trading events where private company owners can offer shares at set prices to new investors. This model is designed to bridge the gap for small and early-stage firms that may not be ready for a full initial public offering (IPO) but want to access capital markets and gain investor visibility.

Simon Walls, FCA’s executive director of markets, highlighted that PISCES will give investors greater access and confidence to invest in promising companies, while also allowing early backers and employees liquidity options. The UK Treasury’s Economic Secretary Emma Reynolds welcomed the initiative, emphasizing its role in strengthening capital markets and supporting economic growth.

Operators interested in running PISCES platforms, such as the London Stock Exchange, must apply for FCA approval. The regulator has adapted final rules based on market feedback, including a 25% threshold for major shareholder identification, eased disclosure requirements, and increased control for companies over their investor base.

While some industry players, including bankers, have expressed concerns about potential revenue impacts and competition with existing markets like the Main Market and AIM, legal experts view PISCES as an innovative step to invigorate UK capital markets.

The FCA will continue testing the platform under the sandbox regime before establishing a permanent regulatory framework by 2030.

Gemini Files Confidentially for U.S. IPO as Crypto Markets Regain Strength

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Gemini, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, has confidentially filed for an initial public offering (IPO) in the United States, as digital asset firms capitalize on renewed strength in crypto markets. This move comes amid a surge of successful listings, particularly in high-risk sectors like crypto and fintech, signaling a revival of capital market activity.

The IPO wave reflects pent-up demand after years of regulatory uncertainty and market volatility. Earlier this week, stablecoin issuer Circle made a strong debut on the New York Stock Exchange, encouraging other crypto firms to consider public offerings. “Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded,” said Matt Kennedy, senior strategist at Renaissance Capital.

Gemini has not yet disclosed the size or price range of its offering. The exchange currently offers trading and storage for over 70 cryptocurrencies and aims to join a growing list of crypto-native companies seeking mainstream investment. Kat Liu, vice president at IPOX, noted that Gemini’s filing adds to the sector’s momentum and reflects the growing readiness of digital asset firms to engage with public capital markets.

The timing for Gemini’s IPO coincides with a dramatic rise in the global cryptocurrency market, now valued at approximately $3.3 trillion, with Bitcoin trading above $100,000, according to CoinMarketCap. The recent approval of U.S. spot Bitcoin ETFs has drawn billions of dollars from institutional investors eager for crypto exposure.

Michael Ashley Schulman, CIO at Running Point Capital Advisors, said, “A successful listing would confirm that the crypto thaw is real.” He added that if the trend continues, the IPO calendar could rapidly fill up with fintech, AI, and other tech-related offerings.

This renewed optimism marks a stark turnaround for the crypto industry, which was rocked by the collapse of FTX in 2022 and years of global regulatory scrutiny. However, recent political developments have also helped boost sentiment, with U.S. presidential candidate Donald Trump declaring his support for the sector and pledging to be a “crypto president.”

In May, Coinbase made history by becoming the first U.S. crypto-focused company to join the S&P 500, solidifying crypto’s growing presence in traditional financial markets. Gemini’s IPO filing further underscores the sector’s accelerating financial maturity and its efforts to integrate more deeply into global capital markets.