Shanghai sci-tech innovation board market starts trading on July 22. [Photo from Wechat account shanghaifabu]

China's new Nasdaq-style tech board, the sci-tech innovation board (STAR) market, started trading on July 22, marking a new milestone for the capital market in the country.

The first batch of 25 companies, which specialize in biology and medicine, semiconductors, new energy and other emerging industries, debuted on the STAR market.

In November 2018, China announced that it would set up a science and technology board with a pilot registration system on the Shanghai Stock Exchange to facilitate the development of the city as a financial and innovation center and improve the capital market system.

As of July 21, the Shanghai Stock Exchange disclosed a total of 149 accepted companies, mainly focusing on high-tech and strategic emerging industries with strong growth and which are in line with national strategies and economic restructuring.

It took just eight months from when the board was first announced for it to begin accepting companies.

Shanghai Mayor Ying Yong said the city will help build the STAR market into a capital market with greater openness, transparency and efficiency and make it an important investment and financing platform for national science and technology enterprises.

The first batch of listed companies sign a listing agreement and registration agreement with the Shanghai Stock Exchange and China Securities Depository and Clearing Co.

[Photo from Wechat account shanghaifabu]