A rival exchange to NASDAQ has launched in China.

In China, the Shanghai Stock Exchange-based Star Market has launched to compete with the U.S. NASDAQ and encourage local tech companies to choose to list in China rather than overseas, the Financial Times . reported 25 companies participated in the auction, capitalization of which increased by $44.3 billion, and quotes - by an average of 140%.

• During the first day of trading, the growth of quotations of companies ranged from 84% to 400%, and the volume of funds raised by them exceeded $5.4 billion.
• The papers of the processor manufacturer Anji Microelectronics showed the greatest growth: by the end of trading they had risen in price by 400%, at the peak the increase reached 520%.
• The explosive growth of quotations is due to the fact that in the first five days the exchange does not limit the value of shares traded on it, while on other exchanges in China, the growth of quotations is limited - 44% in the debut session and 10% in the remaining sessions on the stock exchanges of Shanghai and Shenzhen. On Star Market, unlike other Chinese trading platforms, it is also allowed to trade shares of different classes for companies and sell individual shares for investors.
• In total, about 140 companies submitted applications for listing, which expect to raise about $18.7 billion through the placement of shares.