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"Cybersecurity is thus among the top concerns for countries that are slower in adopting mobile payment. It is beyond business, as governments have a strategic role to play in safeguarding data security."

"Everything started from my beloved grandma," said Zhang Jiaxin, co-founder of See Young, which was developed by a student volunteer team at Beijing University of Posts and Telecommunications.

"Digitalization has been an ongoing area of investment for us in the past several years," said Gao."E-commerce is an avenue we value a lot and will be our business focus from now on."

"Eliminating middlemen can effectively trim costs and boost retail efficiency," said Gu Guojian, head of Shanghai Chain-Store & Franchise Institute. "The model is especially meaningful as China moves to increase imports and enhance circulation efficiency."

"Despite the debut of the STAR Market, many mainland-based firms will still seek overseas IPOs, partly as the new board does not allow overseas institutional investors to take part in the IPO process," said Li Qiang, regional co-managing partner of Asia at DLA Piper.