China’s new Nasdaq-style board begins trading

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Trading on China’s new Nasdaq-style technology board began on Monday and got off to a solid start.

Most shares on the so-called Star market, operated by the Shanghai Stock Exchange, surged on debut.

Last year China said it would launch the technology-focused trading board, as it sought to build on Shanghai’s role as a global financial hub.

It marks a significant step in the country’s bid open its economy and markets.

Shares in Anji Microelectronics Technology, one of the 25 companies to start trading on Monday, shot up more than 400% in morning trading.

Zhangjiang Hangke Technology stock jumped more than 120%.

The Shanghai Stock Exchange has said an index tracking the Star Market would 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 grow its technology sector.

China is battling a trade war with the US, which Washington recently widened to target technology companies, including through trade restrictions on Chinese tech giant Huawei.