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Adviser banks forced to hold stakes in IPOs on China startup board

Shanghai exchange seeks 'quality' guarantee in shift to market-driven listings

President Xi Jinping and other officials are keen for Chinese technology companies like Tencent Music Entertainment to list their shares at home rather than in offshore markets like New York.    © Reuters

HONG KONG -- Investment banks bringing companies to list on China's new board for technology startups are facing an unusual requirement: they will have to keep some of the shares for themselves.

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