NEW STAR RISES IN SHANGHAI

Tech-focused market meant to pioneer reform of IPO reviews

The highly anticipated launch of the Shanghai Stock Exchange's tech-focused STAR Market last week heralds essential reform of China's capital market as the country undergoes an economic transformation driven by scientific and technological innovation.

President Xi Jinping announced in November that a new tech board with a pilot registration-based initial public offering system would be launched at the Shanghai Stock Exchange. Preparatory work then proceeded efficiently and the first three companies passed review by the Shanghai exchange on June 5.