Over 20 IT firms ready to float shares
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More than 20 Shanghai-based information technology firms are preparing to float shares this year, the local IT regulator said Tuesday.
In 2012, the revenue of Shanghai's IT service industry, which comprises software, Internet and telecom services, will reach 360 billion yuan (US$52.9 billion), a jump of 70 percent from 2009, thanks to more listed firms and new services, according to the Shanghai Economic Information Technology Development Commission.
"After the global financial crisis, Shanghai's IT industry structure has to change to meet the new (listing) trend," said Shao Zhiqing, vice director of the commission.
In 2009, the city's IT service industry revenue grew an annual 20.2 percent to 210.8 billion yuan. It contributed 5.2 percent to the city's gross domestic product, a slight rise from 5.04 percent in 2008.
The number of software export firms fell in 2009 due to the slump in the economy. The regulator will boost support for Internet video and audio, e-commerce and mobile phone application development and chip design firms, Shao said.
By the end of 2009, a total of 27 Shanghai-based IT firms listed on the stock markets, including Nasdaq-listed Shanda Entertainment, Shanghai-listed Baosight and New York-listed Giant, the commission said.
Meanwhile, more than 20 local firms are expected to list by the end of this year, Shao said, without providing more details.
In 2009, the dot-com industry revenue soared 42.1 percent annually to 26.8 billion yuan, double the growth rate of the total IT service industry, the commission said.
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