The STAR 50 index, the first index for Shanghai's STAR Market, opened at 1,487.2 points, compared with 1,000 base points at the end of 2019. "STAR 50 will be the equivalent to Nasdaq 100," said Duan Shihua, head of Shanghai Changer Investment Management Consulting, a Chinese index publisher. The STAR Market, with its streamlined listing process, has already dwarfed Shanghai's 30-year-old main board in the first half of 2020 to become the world's second-biggest IPO venue trailing only Nasdaq. The STAR 50 index tracks tech companies such as chip-maker Advanced Micro-Fabrication Equipment and software maker Beijing Kingsoft. Four mutual fund companies, including China Asset Management Co and E Fund Management Co, have applied to launch exchange-traded funds (ETFs) tracking the STAR 50, according to regulatory disclosures.

Source: The Standard July 23, 2020 07:07 UTC