United States

China answer to the Nasdaq launches. One stock soared 500%

Hong Kong (CNN Business)China has launched its latest bid for tech superpower status by opening a Nasdaq-style stock market in a frenzy of buying by investors that sent share prices soaring.Trading on the new tech board of the Shanghai stock exchange, known as the Star Market, began on Monday, less than a year after the initiative was unveiled by President Xi Jinping. The 25 stocks listed on Star gained 160% on average by midday in China. Shares in Anji Microelectronics Technology, which makes materials for semiconductors, rocketed as much as 520% before trimming those gains a little. The wall of money pouring into the market created several new billionaires on paper, including the founders of Suzhou HYC Technology and Zhejiang Hangke Techn ...