Trading on China's new Nasdaq-style stock market got off to a spectacular start Monday as investors sent share prices soaring, creating several new tech billionaires in the process.
The new board of the Shanghai stock exchange, known as the Star Market, is part of China's bid for tech superpower status. The initiative was unveiled less than a year ago by President Xi Jinping.
Beijing hopes Star will help China's high-tech companies tap into vast wealth held by local investors, and entice global leaders such as Alibaba (BABA) and Tencent (TCEHY) to return from stock markets in New York and Hong Kong.
The 25 stocks listed on Star had gained 140% on average by the time the market closed. Shares in Anji Microelectronics Technology, which makes materials for semiconductors, rocketed as much as 520% before trimming those gains to 400%.