STAR science and tech shares begin trading
The ceremony to mark the start of trading of STAR Market
Shanghai Party Secretary Li Qiang (left) and Yi Huiman, chairman of the China Securities Regulatory Commission, announce the start of the trading of STAR Market with the bang at the Shanghai Stock Exchange.
Shanghai Mayor Ying Yong makes a speech at the launch.
China's new science and technology innovation board started trading this morning at the Shanghai Stock Exchange, debuting with an initial batch of 25 companies.
Named the STAR Market, the Nasdaq-style board is a testing ground for several securities market reforms, including a registration-based initial public offering system never tried before in China. In the past, new share offerings were shaped by regulatory authorities, not market forces.
STAR is seen as a major step in China’s campaign to reform its capital markets and promote innovation in science and technology. It was first proposed by President Xi Jinping last November, just eight months before today's official start of trading.
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Huang Yixuan / SHINE
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