Shanghai exchange's proposed innovation board includes preprofit option

The Shanghai Stock Exchange has released draft guidelines for a proposed science and technology innovation board on the exchange that could allow preprofit biopharma companies to list in mainland China.

Companies would need to meet one of five sets of financial criteria for listing on the new board. One of the options does not impose requirements on operating income or profits. Currently, companies must meet profitability thresholds to list on the Shanghai exchange...