China's A-share market sees first dual-class IPO

BEIJING - A Shanghai-based cloud computing firm with a dual-class share structure on Monday made its trading debut on China's sci-tech innovation board, the first such attempt for the A-share market.

The share price of UCloud Technology surged over 100 percent as the Shanghai Stock Exchange's STAR market opened Monday morning, and went up 119.53 percent when the market closed.

It's the first company with weighted voting rights to get listed in the Chinese mainland as the STAR market is taking a string of reform steps to expand direct financing for high-tech firms.

So far 75 high-tech firms are listed on the new Nasdaq-style high-tech board.

The STAR market began trading in July 2019 and is designed to support companies in the high-tech and strategic emerging sectors. It eases the listing criteria but adopts higher requirements for information disclosure.