

fourth quarterly overview of the fledgling marketplace. Here, we adhere to the same structure as in our previous paper: a data-heavy first chapter is followed by a second part describing regulatory shifts and other narrative elements essential to telling the story of China's financial opening-up.
Highlights
- The free-float market cap of all the Star Market-listed firms as of September 30 reached CNY 579 billion
- The 63 IPOs in 3Q 2020 collected CNY 21 billion, accounting to 58% of A share's proceeds
- Semiconductor stocks were down by 4.3% – still retaining the largest market cap
- China's financial sector continued to open up, started to accept Chinese Depository Receipts to attract more applicants and issued the first foreign mutual fund license
- The launch of the board's composite index Star 50 happened in the beginning of 3Q 2020
1 Growth and Fluctuations: numbers, patterns and industries
2 More standardized, more diverse: rules, upgrades and stories
List of Tables
63 IPOs on the Star Market, accounting for nearly one-third of the new A-share listings
16 charts tell how the Star Market stocks fluctuated in the third quarter of 2020
List of Figures
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*If Applicable.