Stocks on China's New Star Market Climb as Mainland Bourses Close Lower
Xu Wei
DATE:  Jul 22 2019
/ SOURCE:  yicai

(Yicai Global) July 22 -- China's new Nasdaq-style Star Market took wing on its first day of trading, with the first batch of domestic high-tech companies all notching up gains of more than 80 percent. The mainland's other stock markets fell.

Shares of semiconductor firm Anji Microelectronics Technology outpaced the Star Market's debut pack, logging a five-fold increase to end the day at CNY196.01 (USD28.49) each.

Operated by the Shanghai Stock Exchange, the Star Market aims to make it easier for China's high-tech startups -- the Alibaba's of tomorrow -- to secure funding at home rather than listing in New York or Hong Kong.

The Shanghai Composite Index ended down 1.27 percent at 2,886.97 and the Shenzhen Component Index fell 1.15 percent to 9,122.64. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, declined 1.69 percent to 1,515.97.

Editor: Ben Armour

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