China launches STAR, tech stock market to boost industry

BEIJING — Trading starts Monday on a Chinese stock market for high-tech companies that play a key role in official development plans that are straining relations with Washington.

Regulators have approved 25 companies in information technology and other fields seen by communist leaders as a path to prosperity and global influence for the Shanghai Stock Exchange's STAR Market.

The market, modeled on the U.S.-based NASDAQ, reflects the ruling Communist Party's desire to channel private capital into its development plans. It gives small Chinese investors a chance to buy into tech industries that have mostly turned to Wall Street to sell shares.

The STAR Market will raise money for industries some American officials see as a competitive threat, though it has no direct link to Beijing's tariff war with President Donald Trump.

You may also interested in

Novartis Korea executives charged with bribing doctors

Aug 13, 2016

Prosecutors have indicted the former chief executive of the South Korean unit of Novartis and five other former and current managers over allegations they illegally paid doctors 2.6 billion won ($2.3 million) in return for prescribing the company's drugs

Iraq's parliament approves partial Cabinet reshuffle

Aug 15, 2016

Iraq's parliament has approved a partial Cabinet reshuffle, part of a set of reforms proposed by Prime Minister Haider al-Abadi that has been stymied by entrenched political blocs

Hedge-fund manager Cohen settles with US commodities agency

Aug 16, 2016

Billionaire hedge-fund manager Steven A. Cohen agrees to stay away from commodities business in deal with US agency