Shanghai science, technology stock market soars

July 22, 2019 //By Peter Clarke
Shanghai science, technology stock market soars
The first 25 companies started trading Monday, July 22, to constitute the Science, technology and innovation board (STAR market) of the Shanghai Stock Exchange.

Trading in the tech firms drove prices up by 520 percent and 16 of the first 25 companies, more than doubled their valuation during the day.

The STAR board is roughly analogous to the NASDAQ and was first announced in November 2018 as a part of China's response to the ramping trade tension and to improve the credibility of its volatile stock markets.

The STAR market is registration-based system and cuts the bureaucracy of listing application and allows more market-based pricing. The board is intended to provide financing support for companies in the technology sector, including IT, materials, energy, energy-saving and environmental protection.

The first batch of companies on the STAR market are mainly in the IT, equipment and medical sectors. Shanghai-based Anji Microelectronics, a provider of semiconductor materials, was among the top performers.

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