Online bourse for electronic components trading debuts

The first online exchange in China for electronic components started trading on Monday, recording cumulative transactions of more than 100 million yuan ($16.2 million).

Shenzhen Huaqiang Industry Co, the holding company that runs one of the world's biggest electronic markets in the southern city that borders Hong Kong, and four other companies have set up the online platform with an initial investment of 100 million yuan.

"The exchange will account for 1 percent of all the spot electronic component transactions done in a year in China and the figure will rise to 10 percent by 2030," Miu Xiang, general manager of the exchange, told China Daily.