China's tech, media, telecom IPOs to stall

Strategic emerging industries, such as technology, media and telecommunication, have been highlighted as important forces guiding socioeconomic development since the State Council issued a statement on accelerating the cultivation and development of strategic emerging industries on Oct 10, 2010.

Today, the emergence and development of a group of high-growth, tech-innovation companies is ushering in strong demand for capital market financing, a trend with relevance to the reforms in the domestic stock market.

"Support from the financial system and capital markets is crucial for the development of startups. The future reform of the capital market is significant because it will provide a richer financing channel for innovative companies and in addition, the market's value discovery function will also ensure there is a strong impetus for innovation-driven industries," Cheuk said.