China's new stock market starts trading as all stocks climb
SHANGHAI - China's sci-tech innovation board (STAR market) has begun trading on the Shanghai Stock Exchange, with the first batch of 25 companies debuting on the board. The firms, spanning industries from microchips and biotechnology to artificial intelligence, were greeted by an immediate buying spree when trading opened.
Anji Microelectronics (Shanghai) was among the top performers, rising as much as 329% before paring gains.
Endorsement from top officials helped generate such enthusiasm that firms on the board raised a combined USD 5.4 billion, about 20% more than planned.