China has opened the Shanghai Stock Exchange's STAR Market, which is aimed at technology companies. In addition to companies due to start trading Monday, the Shanghai exchange said it was reviewing applications from 116 other ventures for initial public share offerings. To date, 25 companies have been approved to list on STAR, which is modelled on the US Nasdaq. STAR is part of the Chinese government's idea to incorporate private funding into official development plans, allowing Chinese investors, rather than Wall Street, to buy into technology companies. It comes at a time when the relationship between Washington and Beijing is strained. The new exchange will be open for business from 1 January next year.
China has opened the Shanghai Stock Exchange's STAR Market, which is aimed at technology companies. To date, 25 companies have been approved to list on STAR, which is modelled on the US Nasdaq. STAR is part of the Chinese government's idea to incorporate private funding into official development plans, allowing Chinese investors, rather than Wall Street, to buy into technology companies. It comes at a time when the relationship between Washington and Beijing is strained. The new exchange will be open for business from 1 January next year.