China opens new STAR stock market

Trading has begun on START, China’s new NASDAQ-style stock exchange, and prices have more than doubled for companies listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange. One company, Anji Microelectronics Technology, jumped by more than 400 percent. The so-called STAR market has been launched in an effort to boost the credibility of the country’s volatile stock markets. 25 companies from IT and other sectors are listed on the new exchange. China has the world’s second biggest equity market behind the US, but it’s been criticized for high levels of speculative activity and a lack of governance.