The recently launched Shangai Stock Exchange’s STAR Market, based off of the United States NASDAQ market, is performing quite well. The space is focused on technology stocks and currently lists 25 companies as of now. And, since its start, stock prices have performed so well that they’ve even doubled their initial stance.
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In light of these advancements, one stock, Anji Microelectronics Technology, even went up 415%. This STAR Market will only see stocks approved from regulators at this time, reports MarketWatch. According to the publication, the goal here is for China to push private capital into its future plans. Essentially, the country is giving its citizens the option to buy stocks in tech that normally lists itself on Wall Street.
Otherwise, the Asian market is dropping a little bit. Nikkei, based in Japan, dropped 0.3% down to 21,400.35. Hang Seng in Hong Kong also fell 0.8% to 28,451.65, and the Shanghai Composite Index dropped to 2,901.88, also down 0.8%.
This price hike is quite insane, and experts don’t think that it will last. Speaking to CNN was one Ronald Wan, the chief executive at Partners Capital International in Hong Kong:
“This [surge] is crazy. But it’s already overdone. I don’t think such gains can last long. It’s way too speculative.”
It’s not entirely surprising that this new market launch is performing well, however. For a while now, the Chinese government has pushed local companies to help increase the value of the Chinese currency. They’re trying to become more self-dependent, relying less on the United States dollar and other foreign markets. This is also due to the recent trade war between the two countries, due largely in part to United States President Donald Trump.
Moreover, this isn’t the first time China has gone after Nasdaq. This is the first time it worked, however. Previous attempts were in 2009 and 2013, which failed due to a lack of interesting listings and shares. And who knows? We might start to see Chinese citizens utilizing robo advisors to participate in the trading market even more.
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