(Yicai Global) July 22 -- China's sci-tech innovation board (Star market) started trading on the Shanghai Stock Exchange Monday morning, with the first batch of 25 companies debuting on the board.

Establishment of the Star market and the pilot registration-based initial public offering system will support China's innovation-driven economic development and the capital market reform, Li Chao, deputy head of the China Securities Regulatory Commission, said at the debut ceremony.

First proposed in November 2018, the new board is designed to provide direct financing support for companies in the high-tech and strategic emerging sectors, such as new-generation information technology, advanced equipment, new materials, new energy, energy saving and environmental protection.