• Board will track web and cloud computing, big data services and AI firms
• STAR market a science and tech-focused equities market established in 2019
Shanghai’s Stock Exchange is to launch a new index tracking 50 major listed companies from its tech-focused STAR board involved in next generation information technology.
The exchange announced the move on Thursday which will see the SSE STAR Next Generation Information Technology Index introduced on August 16.
The Shanghai Stock Exchange STAR Market, officially known as the Shanghai Stock Exchange Science and Technology Innovation Board, is a science and tech-focused equities market established in 2019.
The selected 50 companies would cover a range of areas, such as internet and cloud computing, big data services and artificial intelligence, according to the statement.
China said in its annual work report released earlier this year that it would increase its annual research and development spending by more than 7% each year over the next five years.
- Reporting by Reuters