Shares on China’s new market for technology companies soared Monday, with some stocks surging as much as five-fold, the Wall Street Journal reported.
The Shanghai Stock Exchange’s Science and Technology Innovation Board, also known as the Star Market, is China’s latest attempt to build its own equivalent of Nasdaq. Chipmaker Anji Microelectronics, which rose five-fold, was the best performer Monday, while many other stocks doubled or tripled.
The opening of the Star Market comes as escalating political tensions between China and the U.S. are making some major Chinese tech startups reluctant to consider going public in New York. Beijing, meanwhile, has been ramping up investments in its homegrown chip industry and other key segments of technology. Earlier this year, the U.S. government’s decision to block Huawei’s access to American technology showed how China’s tech sector still is dependent on many U.S. suppliers.