Representatives of 25 companies attend the listing ceremony of the first batch of companies on the STAR Market in Shanghai, China, July 22, 2019. [Photo/VCG]

China's science-technology innovation board, dubbed the STAR Market, opened at the Shanghai Stock Exchange on July 22, with the first 25 listed companies making a strong debut on the tech board's first trading day.

Among the first batch of companies, two are from Hangzhou, namely computer vision technology provider ArcSoft Multimedia Technology and leading battery charger manufacturer Zhejiang HangKe Technology Inc Co.

Cao Ji, chairman of Zhejiang HangKe Technology Inc Co, noted the establishment of the Nasdaq-style board marks an important breakthrough in the development of China's capital market. As one of the first enterprises to be listed, HangKe is honored to be part of this historic moment.

"HangKe will take full advantage of the opportunities afforded by the new board to become a leading company in the field of lithium battery equipment and contribute to the development of China's manufacturing industry," he said.

Working staff work at a production factory of Zhejiang HangKe Technology Inc Co in Xiaoshan district of Hangzhou. [Photo/xsnet.cn]

Hangzhou-based ArcSoft Multimedia Technology has invested heavily in research and development. The company's prospectus showed that R&D took up 32.42 percent of its annual turnover of 2018.

ArcSoft will continue to assist in the intelligent transformation and upgrading of related industries by giving full play to its leading position in terms of talent, R&D technology, and industrial chains, said Deng Hui, president of ArcSoft.

Over the years, Hangzhou has prioritized the cultivation of listed enterprises. Official statistics revealed that since the beginning of this year, nine companies in Hangzhou have successfully listed, and the number of initial public offerings increased by 200 percent from the same period of last year.

Initiated last November, the Nasdaq-like STAR Market was officially launched on June 13. 

Thirteen of the 25 stocks listed on the board are for information technology companies, five are for high-end equipment designers and manufacturers, five for new materials companies and two for bio-medicine, according to information made public by the companies.