First companies will debut on Shanghai’s STAR Market on July 22

The first batch of companies will start trading on China’s STAR Market, also known as the new Nasdaq-style tech board, on July 22, reported the New York Times.

In November, Chinese President Xi Jinping announced the new tech board at the Shanghai Stock Exchange as an effort to support the country’s technological innovations. The tech board will adopt a registration-based initial public offering (IPO) system to facilitate companies’ fundraising, said the South China Morning Post.