Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Live is Caixin Global's real-time news portal, featuring 24-hour breaking news, short-form analysis, and roundups from business and social media in China.

TRENDING
Chinese Companies Usher in Age of Synthetic Meat
AI Startup Plans IPO at Value of at Least $1 Billion — in China
Huawei’s First 5G Commercial Phone Gets Warm Response Despite Limited Networks
LATEST
Cathay Pacific CEO Hogg Resigns Amid Hong Kong Protests
Ninebot’s New Scooter Can Drive Itself Back to Charging Stations
Oppo to Unveil New Smartphone With 20x Zoom
Chinese Companies Usher in Age of Synthetic Meat
Record-Smashing Chinese Animation to Get Overseas Releases
WTO to Arbitrate China’s Complaints About U.S. Solar-Cell Tariffs
Vipshop Stock Soars After Q2 Results Beat Expectations
Japan Replaces China as Largest Holder of U.S. Government Debt
Huawei’s First 5G Commercial Phone Gets Warm Response Despite Limited Networks
AI Startup Plans IPO at Value of at Least $1 Billion — in China
Alibaba Q2 Revenue Jumps 42%, Beating Estimates But Slower Than Year Earlier
Baidu’s $66 Billion Dive Knocks It Out of China’s Internet Top 5
Beijing Grants Foreign Investors Wider Access to Entertainment Industry
Tencent-Backed Maoyan Turns Profit on Strong Ad Growth
Chinese App-Makers Smell Opportunities in Strict Trash-Sorting Rules
Casino Giant Galaxy Entertainment’s H1 Profit Drops 7% as High-Rollers Stay Away
Chinese Internet Sector Grows 17.9% Year-on-Year: MIIT
Xiaomi Receives Licenses for Second 5G Phone
Coal Industry Looks to Robots for Increased Safety
No Investor Love for Tencent, Lenovo and Luckin in Latest Reports
Update: High-Tech Trading Board Soars on Day One

By Ke Baili / Jul 22, 2019 01:11 PM / Finance

Photo: Caixin

Photo: Caixin

China's new NASDAQ-style high-tech trading board blasted off with a bang on Monday, with all 25 stocks currently listed on the board rising from their IPO price in morning trading despite several slumping from a high opening price.

Stocks on the new board rose by an average of nearly 160% from their IPO prices in morning trading. Anji Microelectronics Technology (Shanghai) Co. performed best, ending morning trading up over 400% from its IPO price after paring gains of over 520%.

Only three of the 25 stocks didn't hit a circuit breaker causing trading to be automatically suspended for 10 minutes, with 14 being paused due to a rise of 30% from their opening price and eight being paused after falling 30%. Analysts had expected high volatility amid looser trading rules and massive demand for the newly listed stocks.

Unlike China's other boards, the so called STAR high-tech board has no daily trading limits in place for the first five days of trading. The trading suspension mechanism is intended to allow the market to cool off and reduce irrational speculation, according to the securities regulator.

The new board is the first in China to trial an IPO system based on registration rather than regulatory approval. The aim of the change is to let investors and the market decide on the price, the practice followed in other countries, rather than the regulators.

Related: China to Launch SSE STAR 50 Index to Track New Nasdaq-Style Board

Contact reporter Ke Baili (bailike@caixin.com)


Share this article
Open WeChat and scan the QR code
Copyright © 2019 Caixin Global Limited. All Rights Reserved.