Hong Kong (CNN Business) China has launched its latest bid for tech superpower status by opening a Nasdaq-style stock market in a frenzy of buying by investors that sent share prices soaring. Trading on the new tech board of the Shanghai stock exchange , known as the Star Market, began on Monday, less than a year after the initiative was unveiled by President Xi Jinping. Shares in Anji Microelectronics Technology, which makes materials for semiconductors, rocketed as much as 520% before trimming those gains a little. The wall of money pouring into the market created several new billionaires on paper, including the founders of Suzhou HYC Technology and Zhejiang Hangke Technology. Analysts said the spectacular gains were being driven by China's desire for a strong market debut and unrealistic expectations among investors, fueled by bullish state propaganda.

Source: CNN July 22, 2019 03:56 UTC