Qian Han, a Professor at the Wang Yanan Institute for Studies in Economics, Xiamen University, in an article published by East Asia Forum claimed that China's official Science and Technology Innovation Board (STAR) launched on June 13, 2019, as part of its capital market reform, has been quite active since its debut on 22 July 2019. The first batch of 25 stocks listed on the board — mostly from the telecommunication, media and technology sector and equipment manufacturing industries — saw their prices on average more than double with a price-to-earnings (PE) ratio of around 136, compared with the industry average level of just 33. The daily average stock turnover also reached 40 per cent, much higher than that for the Chinese A-share market.

(Comment: Opening of STAR coincided with US sanctions on China's ZTE and Huawei companies.)