China's sci-tech innovation board closes higher at midday
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China's sci-tech innovation board (STAR market) made a remarkable debut on the first trading day on Monday.


(Photo: VCG)

The 25 stocks on the Sci-Tech Innovation Board soared by at least 100 percent at midday, raising a total of 40 billion yuan. Shares of Anji Technology, a company which makes materials for semiconductors, stood out by rising 415.44 percent in early trading. 

The STAR board is the country's latest reform attempt to turn the A-share market into a more market-oriented and law-based one.

Unlike other domestic boards, it cuts listing application red tape, allows more market-based pricing, prioritizes information disclosure, and tightens delisting rules by piloting the registration-based IPO system, a popular practice in many developed markets.

(Compiled by Han Xiaomeng;with input from Xinhua)