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Shanghai seen as base to nurture startups

    Shanghai has over 200 startup firms with market value above US$100 million each as the city is seen as a base to incubate entrepreneurs, industry officials told a forum yesterday.

    By May, Shanghai has 228 startups, with 47 of them boasting a market value of over US$1 billion and the remainder worth between US$100 million and US$1 billion each. The startups are mainly in the e-commerce, health care and enterprise business services sectors, said a report released yesterday.

    Entrepreneurs in Shanghai can benefit from consumer demand as the city upgrades its consumption pattern and from its position as an international finance center, said Cai Hua, founder and CEO of Weilian which offers investment and consulting services to entrepreneurs and is a major contributor to the report.

    An entrepreneur club was formed yesterday by the Changning Entrepreneur Association, Weilian, iYiou and several startups. The club will link government bureaus and startups.

    Shanghai’s Changning District boosts entrepreneurship by setting up a special fund, a platform serving overseas talent and making it easy for companies to register.