China launches tech stock exchange STAR Market
The Asian giant has been working on a stock exchange similar to the American Nasdaq
STAR Market is the new Chinese tech stock exchange for technology and science companies at the Shanghai Stock Market. It was successfully launched to compete with the American Nasdaq.
The new stock exchange started operations on Monday with the participation of 25 companies which showed a 520% increase during the debut session.
It was known that the 25 companies had a good session at STAR Market within the new Chinese technological market. Meanwhile, other 149 firms are in the registration process. With them, the entity could elevate funds to 130,000 million yuans (16,844 million euros).
The reports on the first session of the “Chinese Nasdaq” shows “the shares of a group of companies increased more than a 200% and 16 showed a revaluation over a 100%.” The most relevant titles are those of Anji microchips producer, with 520% to finish the journey with an increase of a 400%.”
The 25 companies which opened the STAR Market session belong to the advanced equipment field. “Seven of them are information technology companies, three belong to the new materials business, two work on biomedicine, and new energies and other sectors have one representative.”
The creation of the Chinese stock exchange was announced last year, in November, by Xi Jinping as the way to technological innovation, the promotion of national economy high standards and also to position Shanghai as a financial and technological bunker to “compete with New York to attract new firms from science and technological innovation fields.”
The requirements to enter the stock exchange include: to have an experience of at least 24 month in the trading of shares, and to keep a participation of 500,000 yuans (around 65,000 euros) during a period of 20 days before asking to enter the trading of shares at STAR.
M.Pino
Fuente: ABC
