Xi Jinping’s trillion-yuan baby, the Star Market, is poised for the next spurt of growth. Here’s why
Ji Xinhua is walking on clouds. Two months before his 41st birthday, his company UCloud Information Technology overcame the hurdle that had tripped up dozens of larger Chinese companies and driven them half a world away to New York to raise funds.
UCloud, which helps customers store computer data in the cloud, became the first company with a dual-class shareholding structure approved to list on China’s Star Market. UCloud’s shares, offered at 33.23 yuan (US$4.73), more than doubled during their trading debut in Shanghai and soared to a record 115 yuan by the 16th trading day.
That made Ji, who owns 50.8 million UCloud shares, or 12 per cent of the company, a multimillionaire, one of more than 130 minted by the Nasdaq-style market in the 12 months it’s been operating.
“We may have opened a floodgate for other promising tech companies to access funding on the domestic market,” Ji