Thursday, 23 Jul 2020 01:18 PM MYTSHANGHAI, July 23 — China's STAR Market, a year-old tech-focused board for start-ups that Beijing hopes will fund a technological edge over Washington, launched its index on Thursday and showed it has made double the gains of its US counterpart Nasdaq this year.
“STAR 50 will be the equivalent to Nasdaq 100,” said Duan Shihua, head of Shanghai Changer Investment Management Consulting, a Chinese index publisher.First announced by President Xi in November, 2018, when the Sino-US trade war was raging, the STAR Market was designed to nurture China's own Intels and Qualcomms as Beijing seeks technological self-sufficiency.
The STAR 50 index tracks tech companies such as chip-maker Advanced Micro-Fabrication Equipment and software maker Beijing Kingsoft.