People take pictures during an opening ceremony of the Shanghai Stock Exchange's Sci-Tech Innovation Board in Shanghai on July 22, 2019. - Trading begins on July 22 on a new Nasdaq-style technology board in Shanghai that represents one of China's most significant market reforms, and a potential weapon in its growing tech rivalry with the United States. Twenty-five stocks debuted on the Shanghai Stocks Exchange's Sci-Tech Innovation Board -- dubbed the STAR Market -- in which listing and trading rules have been eased to help channel funding to start-ups. (Photo by STR / AFP) / China OUT        (Photo credit should read STR/AFP/Getty Images)
STR/AFP/Getty Images
People take pictures during an opening ceremony of the Shanghai Stock Exchange's Sci-Tech Innovation Board in Shanghai on July 22, 2019. - Trading begins on July 22 on a new Nasdaq-style technology board in Shanghai that represents one of China's most significant market reforms, and a potential weapon in its growing tech rivalry with the United States. Twenty-five stocks debuted on the Shanghai Stocks Exchange's Sci-Tech Innovation Board -- dubbed the STAR Market -- in which listing and trading rules have been eased to help channel funding to start-ups. (Photo by STR / AFP) / China OUT (Photo credit should read STR/AFP/Getty Images)
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(CNN Business) —  

China’s latest attempt to create a Nasdaq-style stock market appears to be running into trouble just three months in.

The Shanghai Stock Exchange launched its Star Market toward the end of July, with wild gains in prices and a few eye-catching IPOs since. But it has been forced to cancel the launch of a new index based on the market that was planned for Wednesday.

The reasons: There were too few companies on the board to justify its own index, and those that are on it were “relatively too small” in size, the exchange said in a recent statement. (The market’s latest member started trading Monday, bringing the total number of listed stocks to 34, up from 25 at launch.)

The pool of stocks on the Star Market is microscopic compared to other major exchanges in China that have their own indexes, including the mai