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A second company withdraws IPO application on new tech board

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Another company has withdrawn its application to list on China’s new high-tech board which debuted this week with a wild rally.

By bowing out, chipmaker HeJian Technology (SuZhou) Co. Ltd. has followed in the footsteps of Beijing Papaya Mobile Technology Inc., the first company to withdraw its application to list on the STAR Market on the Shanghai Stock Exchange.

The new board is a testing ground for regulators, who have waived rules on valuations and first-day price . . .

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