Exchanging China’s Nasdaq-style innovation board got off to a strong begin.

Offers flooded in the supposed Star showcase with one top entertainer shooting above 400%.

China said a year ago it would dispatch the innovation centered exchanging board as it tried to concrete Shanghai’s job as a worldwide budgetary center.

China, entangled in an exchange war with the US, is attempting to advocate for itself as a worldwide innovation pioneer.

Approximately 25 organizations started exchanging on the new tech board, which is worked by the Shanghai Stock Exchange.

“It’s useful for the profundity of China’s capital markets and the development of its budgetary framework if controllers can urge firms to list locally instead of abroad,” said Julian Evans-Pritchard, China financial specialist at Capital Economist.

“Making it easier to raise funds through equity issuance helps to reduce the reliance on debt in the Chinese financial system. This is still a small step in that direction, but a positive step nonetheless.”

Semiconductor firm Anji Microelectronics Technology was among the best performers, with its shares last trading a mammoth 400% higher.

Zhangjiang Hangke Technology, which manufactures battery testing equipment, jumped more than 120% earlier. It was last traded up 99%.

The Shanghai Stock Exchange has said an index tracking the Star Market will be launched in the coming weeks.

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The board was unveiled by President Xi Jinping in November and is seen as part of China’s push to grow its technology sector.

China is battling a trade war with the US, which Washington recently widened to target technology companies.

While the US imposed trade restrictions on Chinese telecoms giant Huawei on the basis that it poses a national security risk, some argue the US moves are an attempt to counter China’s ambitions to become a global technology leader.


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