China’s Nasdaq-Style Index of Tech Stocks Is On a Tear in 2023
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China’s small-cap growth shares are leading gains in onshore markets as Beijing’s push for self-reliance boosts optimism around home-grown tech names.
The tech-heavy Star 50 Index has rallied 19% this year, beating the 5.8% advance in the benchmark CSI 300 Index and the 7.2% rise in the broader Shanghai Composite Index. Turnover for the Nasdaq-style Star board exceeded 11% of the total value of Chinese stocks’ traded on Thursday, the second-highest since the board’s 2019 debut. It accounted for about third of the Shanghai Stock Exchange’s total, a record high.