China steps up measures to develop STAR market

BEIJING - China is stepping up measures for the high-quality development of its Nasdaq-style sci-tech innovation board, known as the STAR Market, the Shanghai Stock Exchange (SSE) said Thursday.

The SSE, which operates the board, said it will increase support for enterprises with vital technologies, and urge the board to ramp up information disclosure and tighten requirements for market entry.

This will ensure that intermediary agencies and market entities perform their duties, the SSE said, calling for efforts to improve the pricing of new stocks on the board and toughen regulation.

The stock exchange envisioned companies listed on the STAR market to increase spending on research and development, and strive for more technological breakthroughs.

The Nasdaq-style high-tech board started trading on the SSE on July 22, 2019, kicking off a trailblazing leg of the country's innovation drive and capital market reform.

Over 310 firms have been listed on the STAR Market, raising over 380 billion yuan (about $58.78 billion) via initial public offerings. The market's total value is estimated at over 4.9 trillion yuan.