STAR startups aim to become industrial giants

Editor's note: Shanghai's Sci-Tech Innovation Board, a Nasdaq-style technology board, soared on Monday on the first day of its launch. China Daily writer Li Yang comments:

All 25 stocks on what has been dubbed the STAR Board - 13 of which are for information technology companies, five high-end equipment designers and manufacturers, five new materials companies and two in bio-medicine - were driven sharply higher by the market's palpable enthusiasm for the new board.

This is the first time that a registration-based IPO system has been implemented in China since the country piloted its stock market in 1989. If the new board works well, the system is expected to be rolled out in other sections of the market.