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China tech

China's answer to Nasdaq loses its shine

Tech bourse, filled with government-linked startups, dulls investor appetite

SHANGHAI -- A roller coaster might best describe the share price movement of Anji Microelectronics Technology Shanghai which went public on China's STAR market -- Chinese President Xi Jinping's answer to the Nasdaq - in July.

The stock price opened at 50 times its earnings, briefly sextupled, then plunged about 40% from its peak the next day. Ten days later, it bounced again, skyrocketing 40% from its previous low before dropping again. It currently trades at around 155 yuan, about 30% lower than its Aug. 5 peak.

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