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Shares soar at 'China's Nasdaq' market debut | |
(about 5 hours later) | |
Trading in China's Nasdaq-style technology board got off to a solid start. | |
Shares surged in the so-called Star market with one top performer shooting above 400%. | |
China said last year it would launch the technology-focused trading board as it sought to cement Shanghai's role as a global financial hub. | |
China, embroiled in a trade war with the US, is trying to assert itself as a global technology leader. | |
Some 25 companies began trading on the new tech board, which is operated by the Shanghai Stock Exchange. | |
"It's good for the depth of China's capital markets and the growth of its financial system if regulators can encourage firms to list domestically rather than overseas," said Julian Evans-Pritchard, China economist at Capital Economist. | |
"Making it easier to raise funds through equity issuance helps to reduce the reliance on debt in the Chinese financial system. This is still a small step in that direction, but a positive step nonetheless." | |
Semiconductor firm Anji Microelectronics Technology was among the best performers, with its shares last trading a mammoth 400% higher. | |
Zhangjiang Hangke Technology, which manufactures battery testing equipment, jumped more than 120% earlier. It was last traded up 99%. | |
The Shanghai Stock Exchange has said an index tracking the Star Market will be launched in the coming weeks. | |
The board was unveiled by President Xi Jinping in November and is seen as part of China's push to grow its technology sector. | The board was unveiled by President Xi Jinping in November and is seen as part of China's push to grow its technology sector. |
China is battling a trade war with the US, which Washington recently widened to target technology companies. | China is battling a trade war with the US, which Washington recently widened to target technology companies. |
While the US imposed trade restrictions on Chinese telecoms giant Huawei on the basis that it poses a national security risk, some argue the US moves are an attempt to counter China's ambitions to become a global technology leader. | While the US imposed trade restrictions on Chinese telecoms giant Huawei on the basis that it poses a national security risk, some argue the US moves are an attempt to counter China's ambitions to become a global technology leader. |